As a key driver for its expansion and growth plans, the bank is targeting organic growth in the US, Britain, Asia, the Middle East and Latin America as well as small or medium-sized acquisitions to build its global wealth, private banking and trust business.
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Reuters quoted Barend Janssens, head of the bank’s wealth management in emerging markets saying, "We currently have 15 people in our Dubai office and will expect to double that in the next two to three years."
He also said that the bank will seek to manage wealth of Arab families and the South Asian expatriate community in the Middle East to expand in the oil-rich region.
The bank aims to increase its adviser headcount in emerging markets to more than double to at least 220 by 2015 and also expand its business from US$20 billion to US$50 billion.
March 2012 had seen the bank buying some overseas divisions of Coutts, Royal Bank of Scotland’s private banking arm.
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By GlobalData"We are seeing acquisition opportunities across the board now. For the first time, you are seeing examples of big banks retrenching from certain regions. So you see moves around banks within the industry which we are watching closely," Janssens added.
