Lombard Odier brings blue-blooded private banking to SA
The 222-year-old, Swiss bank was recently awarded a category one licence from the Financial Sector Conduct Authority
Switzerland-based private bank Lombard Odier is expanding its services to the South African market, targeting clients looking to diversify their portfolios offshore. The 222 year old bank will provide advisory and related services to the country’s high net-worth clients. Lombard Odier established a representative office in SA in June 2017 and was recently awarded a category one licence from the industry regulator, the Financial Sector Conduct Authority (FSCA), which will enable it to provide advisory services. “The bank is run by entrepreneurs and we have identified three perquisites for entering a new market,” said Martine Steinegger Allocca, a senior vice-president with the bank. “This includes having a client base in the market, as well as being able to provide expertise at a level commensurate with our reputation. Finally, the market we enter needs to be well-regulated, and that is certainly the impression we have of the South African market.” Established in 1796, the bank focus...
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