A private banker from HSBC has decamped for a rival as the competition in Singapore for the non-resident-Indian segment in wealth management heats up.
Swiss private bank Julius Baer is bolstering its wealth management for non-resident-Indians (NRIs) with the hire of Salman Hamid as director, who will focus on this segment in Singapore, «Citywire Asia» reported on Wednesday.
Hamid previously spent nine years at HSBC in Singapore, where he most recently was a vice president and investment specialist at its Private Bank. He was also an offshore banking investment specialist and a management associate in wealth management advisory at the bank, according to his LinkedIn profile.
The NRI market is a fast-growing segment, especially in Singapore, which is one of its main global hubs. As such, competition among private banks for talent to serve this segment is stiff. In the past week, both Standard Chartered and EFG have hired to boost their capabilities in this area.
