Daniel de Picciotto

Doha • Swiss asset management bank and hedge funds specialists Union Bancaire Privee (UBP) yesterday announced that the Qatar Financial Centre (QFC) Regulatory Authority had granted UBP (Qatar), a subsidiary of the bank, a licence to operate at the QFC.

A release yesterday said the licence will enable the Geneva-based UBP to establish their Qatar subsidiary at the QFC here early next year.

“UBP’s global vision supports expansion within the Middle East and Qatar is a strategic choice for our bank’s growth, due to its booming economy and the government’s commitment to a diversified economy,” said Daniel de Picciotto, UBP Executive Committee member and Chairman of UBP (Qatar).

UBP Middle East Regional Manager George Azar stated QFC has allowed his bank to establish a local presence in the country allowing UBP to service their Qatar-based clients effectively and in a location set to become a major regional finance hub.

QFC Chief Executive Officer (CEO) and Director-General Stuart Pearce said: “UBP is the first Geneva-based bank to be authorised to operate from the QFC. It reflects the high quality and wealth of expertise we are seeking in our licensed firms.” UBP’s assets under management came to around $83bn at the end of June, the release said.