(Bloomberg) -- Standard Chartered Plc is boosting its private banking headcount in the United Arab Emirates, the latest international bank looking to capture a bigger slice of the country’s market for the ultra-wealthy.
The emerging markets-focused lender hired seven new bankers, according to a statement on Wednesday. Among the new hires is Momin Jaffar, who joins as managing director and group head. He was poached from HSBC Holdings Plc where he headed its UAE private banking division.
StanChart said the hiring spree — that takes the number of client-facing wealth managers in the country to 41 — is part of its broader strategy to double its investments in the wealth management space over the next five years.
“Expanding our private banking team in the UAE reflects our confidence in the country’s unique role as a global wealth hub,” said Vinay Gandhi, the global head of Global South Asian Community and regional head of Africa, Middle East and Europe, at Standard Chartered Global Private Bank.
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The UAE is poised to be the top destination for relocating millionaires this year, according to a report from migration advisory firm Henley & Partners. The country’s appeal for the ultra-wealthy has grown in recent years thanks to a favorable tax-regime, low crime rates and a convenient location at the juncture of multiple continents and time zones.
UBS Group AG, HSBC and Deutsche Bank are among many international wealth managers that have identified the Middle East as a major region for future growth.
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