The Bank of Singapore is planning a major role to manage the enormous wealth of Indians living overseas and Middle East tycoons.
The bank will hire about 20 relationship managers to cater to Non-Resident Indians (NRIs) and the rich people of the Arab world. A majority of the relationship managers will be based in Dubai, though some will be located in Singapore and Hong Kong to bolster the bank’s NRI teams in those cities. This was stated by Vikram Malhotra, the bank’s global market head for South Asia and the Middle East in an interview with a news agency.
The Bank of Singapore is catering to the oil-rich Persian Gulf region by opening a branch in Dubai in February this year. It presently has 45 wealth managers in the city. The total wealth in the Middle East grew 5 per cent last year to USD2.4 trillion (SGD3.2 trillion), according to estimates from the consultancy Capgemini SA.
Malhotra said, “Bank of Singapore has seen a phenomenal growth in the assets under management in the Middle East and from wealthy overseas Indians this year.”
According to Capgemini, Dubai is second only to Singapore as an offshore destination for Indian wealth. About 22 per cent of their overseas assets went to Singapore in the second quarter, with 14 per cent going to Dubai and 13 per cent to London, the research firm said in a November report.
In addition to managing the wealth of non-resident Indians in the region, Bank of Singapore also have opportunities in managing the wealth of citizens of the United Arab Emirates.