Swiss private bank Reyl Group has gained a licence from the regulator of the Dubai International Financial Centre (DIFC) for its newly established affiliate office focusing on the Middle East and East Africa.
Pasha Bakhtiar will lead a team of ten people at the new entity, named Reyl Finance (MEA), which is 80%-owned by Reyl & Cie, based in Switzerland.
Bakhtiar was previously chief executive of ES Bankers (Dubai), the Dubai unit of troubled Portugese bank Espirito Santo. The DIFC court appointed liquidators for ES Bankers (Dubai) last September following the bank’s failure the previous month.
According to Bakhtiar, “what truly sets [Reyl Group] apart from the competition is our ability to weld both the corporate and the private needs of cross-border entrepreneurs active in the region and deliver solid, well thought-out, bespoke solutions”.
The firm says it will target entrepreneurs in the Middle East and East Africa, aiming to manage both their personal and business wealth.
The Reyl Group manages more than 10 billion Swiss francs ($10.4 billion) and employs 175 people.
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