Geneva-based bank Union Bancaire Privee has launched its first office in Riyadh, a significant step in its long-term expansion and highlighting the rising evolution of wealth management needs in Saudi Arabia.
The move comes as the Kingdom undergoes significant transformations, including financial, under Vision 2030, which requires international expertise and global investment.
Through the opening of its new office, the family-owned UBP intends to establish itself in the Kingdom’s evolving financial landscape by working closely with local banks, families, and the next generation of wealth holders.
Speaking to Arab News, executives from the bank emphasized that a new office reflects a long-term strategy to support private clients, family offices, and institutions seeking international insight during a period of significant economic transformation.
The Riyadh office allows the bank to work more closely with clients, understand their priorities on the ground, and respond to the evolving needs as a result of the Kingdom’s transformation under Vision 2030.
Mohamed Abdellatif, Co-Head of Middle East and Africa, told Arab News that the Kingdom’s ambitious goals have been reshaping the financial landscape and expanding the need for specialized advisory capabilities: “The structure in the financial scene is changing, and it is demanding foreign expertise.”
He added: “We are here today to support that vision on the ground, sitting with clients face to face and understanding what their needs are.”
Abdellatif emphasized that UBP’s expansion is not about competing with local players, but strengthening the market’s foundations. “We are coming here to support the Saudi banks and their journey,” he said. “Rather, we are complementing the current banking scene.”
As financial markets deepen and investor profiles diversify, Abdellatif said Saudi clients are increasingly seeking global exposure and more specialized support.
“The client needs something different — international exposure, international expertise”
Mohamed Abdellatif
He added that this actually strengthens the Kingdom’s ongoing financial globalization, saying: “Adding the financial and international expertise will cover the globalization of the Saudi market. We are benefiting from Vision 2030 by coming and being part of this uphill journey.”
Mishal Al-Hawas, CEO and Head of Advising for Saudi Arabia for UBP, added that serving the Saudi market means curating opportunities that align with different regulatory requirements and client objectives:
“We are trying to filter these opportunities and make sure that they meet client requirements… The regulation for each country is different.”
Mishal Al-Hawas
UBP believes its global platform positions the bank to serve Saudi clients across diverse sectors and risk profiles. Nadege Lesueur-Pene, Head of Wealth Management for Developing Markets & Europe, said the bank’s offering is comprehensive, adding:
“We have expertise in almost all asset classes.”
Nadège Lesueur-Pène
