Bank Sarasin has launched a representative office in Austria’s capital as the Swiss private bank moves to expand its presence in central Europe.

Bank Sarasin said in a statement that it sees Austria as an attractive market with very promising potential for private banking. In the bank’s view, Austria is a particularly attractive platform for its ongoing expansion plans as the country serves as a gateway to central and eastern Europe.

“The purpose of our new representative office in Vienna is not only to attract wealthy private clients in Austria, but also to bring the Sarasin Group closer to the growth markets of central and eastern Europe,” said Fidelis Goetz, head of private banking.

It is also expected that Rothschild will re-enter the Austrian private banking market - after an absence of 70 years - by opening a representative office in Vienna in 2009. Orginally founded in Vienna, Rothschild was placed in to compulsory administration and then sold to German private bank Merck, Finck & Co following the incorporation of Austria into Nazi Germany in 1938.

In addition to Vienna and Switzerland, Bank Sarasin has offices in Germany, the UK, Ireland, Spain, Poland, Bahrain, Dubai, Qatar, Oman, Hong Kong and Singapore.