Switzerland’s Mirabaud Group understands all too well the issues and intricacies of family business. The private banking group doesn’t just have a centuries-long record of working with family-owned companies – it is one. Now in its seventh generation, the family-led business has been expertly handling the banking and wealth management needs of its clients for more than 200 years, and its personalized approach combined with local expertise and market awareness have led to a growing recognition of Mirabaud in the U.A.E.
“Each family office is unique, and we have a profound understanding of their individual needs and of the region’s rich culture,” says Samir Atitallah, CEO of Mirabaud (Middle East) Limited. Mirabaud Middle East is part of the international Mirabaud Group, active in wealth management, asset management, and corporate finance.
The private bank collaborates closely with each one of it clients to understand their goals and address the intricacies of succession planning. “Wealth is about more than money and we focus on preserving legacies, generating value, and contributing to the well-being of the families we serve,” Atitallah explains.
In doing so, Mirabaud is also serving the economy at large. As the CEO sees it, private banks are sometimes perceived as having a narrow mandate, but to underestimate the role they play in fostering economic growth would be misguided. A seasoned finance professional, Atitallah is well-aware of the crucial role played by family offices in the region’s growth story. “We aim to add value to the societies in which we are embedded,” he says. “And what better way to contribute to the U.A.E.’s economy than to leverage our bicentenary experience to support the region’s family businesses, which contribute approximately 70% of the U.A.E.’s GDP, as per data from the U.A.E. Ministry of Economy."
Mirabaud has been present in the Middle East since 2007, becoming the first Swiss bank to obtain a Category 1 licence in 2010 and the only full-fledged Swiss Private Bank, before becoming the first Swiss Private Bank to expand in Abu Dhabi Global Market in 2019.
The U.A.E. may be continents apart from the Swiss group’s HQ, but the Middle East is a top strategic priority for Mirabaud. Atitallah explains that the unwavering support of Nicolas Mirabaud, Managing Partner of Mirabaud, and Alain Baron, Equity Partner, in particular, has been instrumental in solidifying the company’s regional standing.
Looking ahead, Mirabaud’s family business model and values will remain the driving force behind its success in the Middle East and beyond, allowing the private bank to strike the perfect balance between innovation and tradition. As Atitallah puts it, “While the entrepreneurial spirit inherent in family ownership encourages an innovative agile mindset, the respect for tradition ensures that our legacy, crafted over generations, remain the bedrock of our organization.”