Lombard Odier is closing its Abu Dhabi office, according to a «Bloomberg» report citing unnamed sources. The bank will continue to serve clients from its office in the neighboring UAE financial capital of Dubai. Staff are also being offered positions in either Dubai or Switzerland.

This marks a rare withdrawal in the Middle East after Lombard Odier first established a presence in Abu Dhabi in 2019. In 2023, it obtained a license to operate in Dubai and announced plans to double its headcount in the UAE within three years.