The Swiss private banking group Julius Baer had taken over Merrill Lynch’s International Wealth Management (IWM) businesses locally, in Bahrain, and in the UAE.

“We will complement the role of the local banking sector by providing services and products related to wealth management and private banking in international markets,” said John Dagher, Chief Executive Officer of Julius Baer-Lebanon and the Levant region. “There is a big potential in the local market with the presence of investment communities that have business and interests distributed locally, regionally, and globally,” he said.

The bank is active in the Middle East through offices in Beirut, Istanbul, Cairo, Dubai, Abu Dhabi, and Manama. “We will offer banking services and products for individuals, families, sovereign funds, and financial institutions,” said Dagher. “On the regional level, we are also looking to have investment vehicles that combine regional and international investments such as fixed income investments and equities,” he said. “We will work on enhancing our presence in the Levant and the GCC,” said Dagher.