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Maerki Baumann & Co., a Zurich-based private bank, is set to open a branch in Abu Dhabi, focusing on blockchain technology and targeting tech corporate clients in the Gulf region. The new hub will operate under the «ARCHIP» brand, offering a range of crypto services, including trading and asset management. Andreas Fröhlicher, appointed to lead the branch, aims to leverage the bank's expertise in digital assets to serve the local crypto community.
Maerki Baumann & Co., a Zurich-based private bank, is set to open a branch in Abu Dhabi, focusing on blockchain technology and targeting tech corporate clients in the Gulf region. The new hub will operate under the «ARCHIP» brand, offering a range of crypto services, including trading and asset management. Andreas Fröhlicher, appointed to lead the branch, aims to leverage the bank's expertise in digital assets to serve the local crypto community.
Swiss private banking is undergoing significant transformation as many institutions face challenges from declining margins, regulatory pressures, and reputational damage due to scandals. The trend of family-owned banks relinquishing independence is accelerating, with notable mergers and sales, reflecting a shift in the industry landscape. Factors such as high operating costs, outdated clientele, and a lack of digital innovation are driving this evolution, suggesting that the future of many private banks is uncertain.
Luzerner Kantonalbank (LUKB) will begin offering deposit and delivery services for Bitcoin and Ethereum starting October 1, 2024, becoming the first traditional bank in Switzerland to do so among cantonal banks. This service allows customers to transfer cryptocurrencies from other wallets to their securities custody account, complementing LUKB's existing crypto trading and custody offerings. The bank ensures secure custody of cryptocurrencies by adhering to recognized security standards, certified under the ISAE 3000 standard.
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