It aims to double the wealth managed in the country to Y200 billion in five years through arrangements with local lenders, led by Chiba Bank, according to Bloomberg, which interviewed a senior Lombard Odier executive.

The Swiss firm, which has alliances with four regional lenders including Shizuoka Bank and Yamaguchi Financial Group, plans to clinch accords with another five banks to boost access to more wealthy families and business owners, Norbert Joue, president of Lombard Odier’s Tokyo office, is quoted as having said.

The bank is not the only firm to have pushed at this market. A few years ago, Credit Suisse ramped up its Japanese market presence in the country; Barclays last year allied with Sumitomo Mitsui Financial Group. Japan has the world’s second-highest population of millionaires .

“We have a similar philosophy as Japanese regional lenders, given that we have both focused on locals in our long history,” said Joue. “Business owners in their early 60s are our vital clients.”

The Geneva-based bank aims to provide returns of about 4 per cent on average to clients after deducting fees, and sets the minimum principal invested at Y100 million, said Katsutoshi Iso, executive director of the Tokyo office. Lombard Odier targets generating a cumulative return of as much as 20 per cent over five years, Iso said.

The wealth management market in Japan remains dominated by domestic players, with most high net worth individuals favouring traditional savings accounts.

Some firms have had difficulties in Japan. In 2004, Citi's private bank was ordered to leave the country by the authorities due to alleged financial wrongdoings.