The international private banking arm of Lloyds Banking Group
(Lloyds IPB) is to continue its push in the Middle East despite the
fall-out from the recent debt crisis in the region.
Michelle D’Ancona, the regional director for
the bank in EMEA, said Lloyds IPB remained committed to the region
despite recent concern over the confidence crisis in Dubai, sparked
by state-linked by Dubai World’s request for a standstill on $26
billion of distressed debt.
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Lloyds Banking Group chairman Win Bischhoff
said the bank’s exposure to Dubai was small and would not have a
material impact on shareholders or operations.
“We are seen as a conservative bank in the
region,” added D’Ancona. “If you look at the bank and analyse the
balance sheet, we have real credibility with clients.”
D’Ancona said clients in the region were
understandably concerned after the recent developments and a
difficult 12 months.
“We are not exposed to this, but in general
the clients are… it has been a heavy past 12 months and the level
of anxiety is high,” she added. “This has created additional
anxiety and they have reacted from that standpoint.”
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By GlobalDataLloyds IPB counts some of the wealthiest
families in the region among its clients, operating in the ultra
high net worth £20 million-plus segment.
It has been established in the region since
1984, with a team of relationship managers that covers the entire
Gulf Cooperation Council (GCC) area. The business services more
than 11,000 clients in 18 locations worldwide. It recently became
part of the bank’s wealth and international business unit, and is
seen as a key part of Lloyds’ growth and expansion plans
overseas.
Lloyds recently hired Nigel Putt, formerly at
Dresdner Bank, to head its operation in Dubai as part of its
expansion plans in the Middle East. Putt’s team has bankers
specialising in the Middle East based in Switzerland, as well as
those on the ground in Dubai. Clients have the option of whether
they would prefer their relationship manager to be based in Geneva
or Dubai.
Putt brought with him 7 of out of 10 of
Dresdner’s front office staff, taking Lloyds’ overall headcount in
the emirate to 21. Dresdner was left with just three front office
staff as a result.
He said the most important thing about
bringing the Lloyds and Dresdner teams together was to ensure they
“concentrated on the maturity and individual needs of clients”.
“It is also important that our bankers have a
reputation for discretion,” he added. “The bank has always taken
the way it deals with clients seriously, and these are all key
features of the way Lloyds goes about its private banking business.
This is why we have been able to build such long standing
relationships – in the region and beyond.”
Putt added it was difficult to put a number on
how many ultra high net worth clients there were in the region,
because many were internationally mobile and figures could be
misleading.
“I am delighted to welcome Nigel Putt and his
entire team in Dubai as well as David Tunbridge and Nader Goodarzi
to our Middle East team in Geneva,” said D’Ancona.
“With their combined experience they will add
tremendous value in continuing to build our brand and business in
the Middle East region which is a key growth area for Lloyds IPB.
We are capitalising on our long history in international private
banking, as well as on our strong commitment to Lloyds IPB in
Dubai.”
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APPOINTMENTS |
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Senior moves – December, arranged |
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|
Country |
Name |
Moved from |
Moved to |
Old position |
New position |
|
Dubai |
Nigel Putt |
Dresdner Bank |
Lloyds IPB |
Head of private banking |
Head of private banking |
|
France |
Etienne |
Axa |
Axa |
Head of investor relations |
Chief of wealth management and financial |
|
Russia |
Claus Korner |
Deutsche Bank PWM |
Third Rome |
Head, PWM Russia |
Partner |
|
Singapore |
Kwong Kin Mun |
DBS |
Deutsche Bank |
Private banker |
Head of Southeast Asia |
|
Singapore |
Khushroo Dastur |
Citi |
Deutsche Bank |
Managing director |
Managing director and team head |
|
Singapore |
Kwong Kin Mun |
DBS |
Deutsche Bank |
Director, private banking |
Head, Southeast Asia |
|
Singapore |
Nancie Dupier |
HSBC Private Bank |
HSBC Private Bank |
CIO, Americas |
Head of private bank, Singapore |
|
Switzerland |
Bertie Ahern |
– |
Helvetia Wealth |
– |
Head of International Forestry Fund |
|
UK |
Julian Goodman |
UBS |
Vestra |
Client adviser |
Senior partner |
|
UK |
Steven Mendel |
Christie's |
Close Asset Management |
Financial services director |
Head of wealth management |
|
UK |
Edward Goodchild |
Coutts |
Lombard Odier |
Senior private banker |
Senior adviser |
|
US |
Michel De Carvalho |
Citigroup |
Citi |
Vice-chairman of Citigroup Investment |
Chairman of Citi Private Bank EMEA |
|
US |
Steve Bodurtha |
Merrill Lynch |
Citi Private Bank |
Chief of institutional retirement, |
Head of investments, North America |
|
US |
Wilson So |
Smith Barney |
Merrill Lynch Wealth Management |
Regional director |
Chief of advisory, North Asia |
|
US |
Diego Polenghi |
Banque Privée BCP (Suisse) |
Standard Chartered Private Bank |
Head of Banque Privée BCP (Suisse) |
Head of sales, Americas |
|
Source: PBI |
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