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American International Group has announced an agreement to sell ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Private Bank Ltd., a wholly-owned subsidiary of ÌìÃÀÍøÕ¾´«Ã½´«Ã½, to Aabar Investments PJSC, a global investment company based in Abu Dhabi.

The bulletin said: “Under its new ownership, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Private Bank will become an independent financial institution, headquartered in Switzerland along with branches and representative offices in Hong Kong, Shanghai, Singapore and Dubai. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Private Bank will conduct its business under a new name and will continue to focus on providing wealth management services to high net worth individuals in Switzerland, Western and Eastern Europe, Asia and the Middle East.”

H.E. Khadem Al Qubaisi, Chairman of Aabar and future designated Chairman of the bank, added: “We have looked very thoroughly at ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Private Bank and are impressed by the professionalism and dedication of the management team and staff. This transaction represents a great opportunity to leverage ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Private Bank’s expertise in wealth management and to further develop it in our region. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Private Bank provides us with a platform with the potential for significant long-term growth and value creation.”

Eduardo Leemann, CEO of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Private Bank, who, along with the senior management team will remain with the bank, expressed his confidence in the new owners. He added that the acquisition by Aabar “sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for them. It also offers us new opportunities to expand our operations, especially in the Middle East.”

Source: American International Group –

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