Standard Chartered is reportedly planning to bolster its private banking operations in the UAE by increasing its frontline team by 20%.
The move forms part of the bank’s wider strategy to cater to its high and ultra-high net worth clients, reported Reuters.
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The expansion plan includes the addition of seven key appointments to the private banking team.
Momin Jaffar, one of the hire, joins as managing director and group head.
This hiring spree will bring the total number of Standard Chartered’s client-facing wealth managers in the country to 41, reported Bloomberg.
Standard Chartered Global Private Bank Africa, Middle East and Europe regional head and Global South Asian Community global head Vinay Gandhi was cited by the news agency as saying: “Expanding our private banking team in the UAE reflects our confidence in the country’s unique role as a global wealth hub.”
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By GlobalDataOver the next five years, Standard Chartered plans to double its investments in the wealth management business.
Earlier this month, Standard Chartered announced its goal to secure $200bn in net new money in the coming five years and achieve double-digit income growth in Wealth Solutions.
The bank has also set its sights on expanding services to its wealthy Chinese and Indian clientele as part of this growth strategy.
UBS Group, HSBC, and Deutsche Bank are among the global wealth managers targeting the Middle East for future growth.
