JPMorgan expands in Dubai to tap influx of millionaires
UBS, Deutsche Bank, Julian Baer and HSBC are also increasing their footprint in the city that has long been a magnet for the affluent
A plane lands in Dubai at sunset. (Photo: Getty Images)
JPMorgan will expand its presence in Dubai with a new private banking team, joining a growing list of global financial giants bulking up in the UAE.
The firm is bringing bankers Sebastian Botana de Beauvau and Carol Mushriqui from Geneva and London to lead the team that will focus on winning business from affluent individuals, family offices, charities and foundations, Bloomberg reports.
With the expectation that 6,700 millionaires are moving to the UAE this year, JPMorgan joined competitors like UBS, Deutsche Bank, and HSBC in increasing their footprint in the city. HSBC added 100 bankers in the past year alone.
Swiss wealth manager Julius Baer has also strengthened its Dubai team to cater to the influx of wealthy clients from other countries.