Singapore’s private banks look to the Middle East and NRI clients for growth
(14 December 2018 – Singapore) Singapore’s private banks are ramping up their efforts in the Middle East, targeting the regions ultra-high net worth individuals and non-resident Indians (NRI).
DBS Bank, Bank of Singapore and Citi have all set their eyes on capturing a larger piece of the pie among these two segments.
According to the United Nations report of migration trends, India has the largest diaspora in the world, with as many as 16 million Indians living outside the country of their birth. A significant portion of the diaspora are ultra-high net worth families.
DBS plans to expand in the Middle East by doubling the number of private bankers there over the next five years. The bank will also make its Dubai office a strategic hub for the region.
Bank of Singapore, the private bank arm of OCBC Bank, has also been growing its Dubai operations to clinch more Middle East and NRI clients, with revenue from the region growing 20 percent year-on-year for the bank.
For both banks, the strategy is to capitalise on their knowledge of their home Asia markets to win over a growing wealth segment that looks towards Asia for investment opportunities.
Citi Private Bank is eyeing a bigger chunk of Indian wealth business – globally and domestically.