Gonet Bank & Trust Ltd, which has been operating in The Bahamas since 1982, has announced that Ahmed El Shahawy joined the Swiss private bank July 15.

El Shahawy will be relocating from Geneva to Nassau.

He has a long and successful career in the private banking industry with impressive credentials in the ultra-high-net-worth segment.

Most recently, he was with Julius Baer in Geneva for over 12 years.

Jean-Marc Fellay, chief executive officer at Gonet, says: “We are very pleased and fortunate that such a prominent private banker as Ahmed is joining us to contribute to our development.”

Gonet and several other banks have been increasing their presence in The Bahamas lately, as their ultra-wealthy clients are increasingly selecting The Bahamas as the international financial centre of choice, and moving to the jurisdiction.

Patrick Feuz, executive chairman at Gonet, adds: “Ahmed is catering to international UHNWI based in the Cooperation Council for the Arab States of the Gulf, as well as Egypt, Switzerland, Canada, Mexico and The Bahamas. His expertise and experience in the Middle East will be of great value, not only to our firm, but also to the local wealth management industry, as The Bahamas Financial Services Board (BFSB) has begun exploring the United Arab Emirates and neighbouring Gulf Cooperation Council member countries as a new market for our jurisdiction.”