Dubai-headquartered Emirates NBD has opened its first
Asia-Pacific branch in Singapore to provide private banking
services targeting Middle Eastern and Asian high net worth
individuals (HNWI).
The strategic move will allow Middle Eastern HNW to base part of
their offshore assets in South-East Asia.
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The bank also wants to encourage Asian HNWIs to increase their
investments in Middle Eastern and North African (MENA) markets.
This includes promoting its expertise in Sharia-compliant private
banking and asset management business.
Singapore a “convenient hub” for Asian emerging
markets
The Middle Eastern bank, a finalist for Outstanding Private Bank
– Middle East at PBI’s 2010 Global Wealth Awards, said Asian
HNWIs do not have a large exposure to MENA investments.
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By GlobalDataEmirates NBD chairman Ahmed Humaid Al Tayer said Singapore was a
convenient hub where the Middle Eastern bank would look to provide
services to other emerging markets including China, India and
South-East Asia.
The bank already has had a representative
office in Singapore since 2006 and 133 branches across the United
Arab Emirates.
