Eduardo Leeman, chief executive, said the bank expects its assets to grow from $13.5 billion to between $20 and $25 billion as it expands into the Gulf and some Asian countries, the report said.

"We will focus on emerging markets in the East as well as in some Gulf markets where we are seeing GDP growing, wealth growing and where there is a future for private wealth management," he reportedly told journalists.

His comments echo earlier statements from the bank – as reported by WealthBriefing – that it intends to grow assets significantly.

The Zurich-based bank bought by Abu Dhabi's Aabar Investments in late 2008, opened its representative office in Abu Dhabi, capital of the United Arab Emirates yesterday. The bank has a representative office in Dubai and branches in Hong Kong, Singapore, Zurich and Geneva.

In the UAE, the bank's assets under management have grown to $600 million and are projected to reach $1 billion by the end of 2011, Leeman was quoted as saying. "The UAE is the most stable economy in the region and with increasing wealth here, we see our business growing fast," he said.

Zurich-based Falcon Private Bank was the private banking unit of American International Group before Aabar bought it in April 2009. AIG sold off the business in the wake of incurring massive losses amid the 2008 credit crunch, and had to be bailed out by the US government.

At the end of March, Falcon Private Bank appointed Gregor Hubler to head up its new Middle Eastern representative office in Abu Dhabi. Hubler was latterly head of wealth management products at Abu Dhabi Commercial Bank, having previously held a number of senior roles at the likes of JP Morgan, Merrill Lynch and Credit Suisse.