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GENEVA HAS A VERY SPECIAL ROLE AS AN INTERNATIONAL CITY FOR
MULTINATIONALS AND INTERNATIONAL ORGANIZATIONS.

INTERVIEW WITH PHILIPPE SEDNAOUI,

CEO of Barclays Wealth in Switzerland

Q: What is your back- vity helping institutions and 2008 and how do you see
ground? intennediaries manage their Q: Is it a complex legal the evolution for 2009?
wealth with specific products issue?
I was bom in Egypt, raised in and services to that effects 2008, beyond the world finan-
Lebanon and educated in Finally, we have an activity does not need to be complex. cial crisis, was a very difficult
French uifiversities. I have wor- conveyed to a more affluent It just needs some common year for all financial institutions
ked between Pai'is, the Middle sector, which is particularly sense. It becomes complex and wealth managers who tried
East, NewYork, SorithAinerica focused on Geneva and sometirnes because of personal to pz'otect their clients' invest-
and Geneva. Switzerland in general, becarise issues. For instance, a Inents,
of the large mirnber of intema- Europeazi citizen may be mar- There were a lot of seeiningly
Q: You are the CEO of tional organizations and multi- t'ied to a non-European citizen very stable and established
Barclays Wealth in national organizations that base who has a different docuinen- companies and values that dete-
Switzerland. What exactly mazty of tl'ieir executives and tation and situation in tlie riorated suddenly and shaiply.
does your bank do? etriployees here. They have cer- couttry where she/he lives. For this reason, it was a veiy
tain investinent needs and we The kids are, for instance, stu- challenging year. For Barclays
Barclays Wealth in general ser- provide them witli the necessa- dying in tlie United States; Wealth globally and in
ves affluent, igh net worth aiid iy investnent solutions. there is a house in Norway. Switzerland particularly, we
intennediary clients worldwi- And then if somebody were to have, nevertheless, managed to
de, providing intemational and Barclays has a long liistoiy of die ... What law will appIy in aclffeve a very solid outcome.
private banking, investment excellence in the provision of the event of divorce or in a We continue to grow. Despite
management, fiduciaiy services trust, managed companies, succession issue? the crisis, orir income Barclays
and brokerage. Our bank is foundations, and executorship People therefore need to Wealth grew by 12% in 2008 to
focused priiriarily on wealth services. We appreciate that our review their situation in a sim- a total pmfit before taxes of
management here in clients' life may be complex in ple manner and organise E345 million.
Switzerland which is our main that they have homes, and per- accordingly.
activity. Our main focus iii haps businesses, in different Income grew piincipally becau-
Switzerland are bigli net wortli locations, and children living or Q: In 2007 and 2009, se of strong growth in the ari'i-
individuals aiid families from working in different countries. Barclays Wealth was cho- val of deposits by new clients.
all over the world-Asia, the With that in mind, we will work sen by Global Investor Sotne of our competitors
Middle East, Africa, Latin to build and execute an indivi- Magazine as the Wealth encountered big difficulties,
America aiid Europe of course. dual wealth plan based on Manager of the Year. What which stimulated some clients
We also liave a dedicated acti- clients' personaI, family and was your performance in to reorganize tlieir finances.
busiiiess goals.
12 3 2009 Diva

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