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.
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.
Emirates 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.