Lombard Odier to Shutter Abu Dhabi Office in Rare Exit

Lombard Odier is shutting its Abu Dhabi office, according to people familiar with the matter, marking a rare withdrawal from the United Arab Emirates’ capital at a time when financial firms are pouring in.

The Swiss private bank will continue to serve clients in Abu Dhabi from its base in neighboring Dubai’s financial district, the people said, declining to be identified discussing confidential information. Staff in the capital are being offered positions in Dubai or in Switzerland, the people said.