The Middle East is rapidly becoming a powerhouse in wealth management. OCBC’s private banking arm expects the region to play a major role in its business in the future.
Bank of Singapore expects the Middle East to account for up to 20 percent of total revenue and assets under management (AUM) over the next three to five years, according to a «Reuters» report, doubling the current level of 10 percent. As of end-2023, Bank of Singapore was APAC’s seventh largest private bank by AUM with $114 billion, according to finews.asia data.
«UAE and, in particular, Dubai have become key destinations for global millionaires post-COVID,» said Bank of Singapore’s head of private banking for Europe and the Middle East as well as Dubai branch CEO Ranjit Khanna.
Client Demand
Aside from local wealth creation, Khanna observed inflows into the Middle East from high net worth individuals in South Asia, Europe and China.
«This really has been spurred on the back of people looking for alternatives, really positive federal government strategies to attract wealthy to these parts of the world, ease of doing business, positive infrastructure, golden visa regime» noted Khanna, who is also the bank's Dubai branch CEO.
New Booking Center
Bank of Singapore's optimism in the region has now led it to evaluate making Dubai one of its booking centers in the future, alongside Singapore and Hong Kong.
«I personally believe the next decade, in the context of wealth management, belongs to Asia and the Middle East to a great extent,» Khanna added.
