The Bank of Singapore said healthy demand will see it bulk up its private banking ranks in Dubai, one year after launching in the emirate.
Bank of Singapore, OCBC's private banking unit, currently employs roughly 50 relationship managers at its branch in Dubai branch. One year after entering the market, the bank said it will ramp up staff there, due to growing demand particularly from non-resident Indian clients who have been domiciled in the Middle East for years.
The private bank intends to add as many as 25 private bankers in the emirate by 2020, Vikram Malhotra, global market head for South Asia and Middle East told «Reuters». The bank is also seeing demand from wealthy middle Eastern clients.
Bank of Singapore, which acquired the wealth and investment management business of Barclays Wealth in Singapore and Hong Kong, currently ranks seventh on finews.asia's most recent tabulation of the region's largest private banks.
