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. Last Updated: 07/27/2016

Lombard Odier Approved for Moscow Bank

Lombard Odier, Geneva’s oldest private bank, said it won Russian approval to open an office in Moscow, competing with Swiss banks UBS and Credit Suisse Group to manage individual fortunes.

Lombard Odier, which manages about $140 billion, is targeting the $20 billion that it says wealthy Russians hold within the country, executive vice president Alexander Kotchoubey said.

“It’s a very difficult road to succeed onshore in Russia, but we believe we have a good grasp of what works and what doesn’t,” Kotchoubey said.

The number of Russians worth at least $1 billion jumped to 77 from 49 in Finans magazine’s annual rich-list released in February.

The Swiss bank, founded in 1796, named Michael Kuenzi to run its representative office in Moscow. Kuenzi, who joined Lombard Odier last year after setting up UBS’s wealth-management unit in Russia, will split his time between Geneva and Moscow, Kotchoubey said.

Lombard Odier will compete in Russia with international wealth managers Credit Suisse, UBS, Union Bancaire Privée and Deutsche Bank, as well as domestic companies such as Renaissance Wealth, Third Rome and Aton, Kotchoubey said.

Lombard Odier will seek wealthy Russian clients with $5 million to $7 million to invest from UBS and other banks, said Kuenzi, who worked at UBS for 11 years until his departure a year ago.