Arbuthnot Latham’s Dubai branch, which has just celebrated its first anniversary, remains on track ‘to break even in 2015’, the bank revealed in its Q3 2014 trading update.
The private bank’s Dubai branch has experienced a steady stream of business since it opened in 2013, the group said in a recent announcement.
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Arbuthnot Latham’s chief executive, James Fleming, said: "When we announced the establishment of the Arbuthnot Latham office in Dubai last year, I said at the time that this was a reflection of our growing confidence for growth in the region and the position which Dubai occupies within that growth, however, little did I know how successful our first year would prove in attracting new clients to the bank."
Overall, Arbuthnot Banking Group also said its full year results for the private banking activity will be marginally ahead of market expectations and continue to progress next year.
The boutique private bank registered a ‘good flow’ of new client introductions leading to attractive loan opportunities and further increases in funds under management.
Earlier this year, CEO Fleming told PBI that the private bank is ambitiously looking to increase its AuM from £500 million to £1 billion by 2016.
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By GlobalDataFleming also said the bank was eager to lean more heavily on its lending capabilities, targeting a bigger share of the high-net-worth clients as tougher regulation and volatile markets dent investment in other returns.
