Bank of Singapore seeks to double Middle East wealth business
The Asian lender is among a growing number of investment firms that have set up offices in the UAE to capitalize on China's ties in the Middle East
A view of the financial district in downtown Singapore (Getty Images)
Bank of Singapore is betting on the Middle East.
The Asian lender aims to double its business in the region to about 20% of its overall revenue and private banking assets over the next three to five years, Ranjit Khanna, Bank of Singapore’s head of private banking for Europe and the Middle East and chief executive for its Dubai hub, told Reuters in an interview.
“UAE and in particular Dubai have become key destinations for global millionaires post-COVID,” Khanna said.
Bank of Singapore is among a growing number of Asian financial firms that have set up offices in the UAE to capitalize on warming ties between China and the Middle East.
“I personally believe the next decade, in the context of wealth management, belongs to Asia and the Middle East to a great extent,” Khanna said.