Singapore Bank aims to double business in Middle East within five years

(MENAFN) Bank of Singapore plans to significantly increase its presence in the Middle East, targeting to raise its revenue and asset contribution from the region to 20 percent over the next three to five years, up from the current 10 percent. This ambitious goal reflects the bank's strategic focus on expanding its footprint in a region that has become increasingly important for private banking. Ranjit Khanna, the chief executive of the bank’s Dubai hub, outlined these objectives, highlighting the rapid growth the bank has experienced in recent years. By the end of September 2023, Bank of Singapore’s assets under management had soared to USD116 billion, a substantial increase from approximately USD20 billion in 2010.

Khanna attributes the heightened interest in Dubai, and the UAE more broadly, to the city’s emergence as a major hub for global millionaires in the wake of the COVID-19 pandemic. The attraction lies in Dubai's favorable business environment, strategic infrastructure, and the appeal of the golden visa scheme, which collectively offer a welcoming landscape for high-net-worth individuals. Additionally, the UAE’s proactive government strategies and its role as a desirable alternative for wealthy individuals seeking new opportunities have further fueled this trend.

The trend is echoed by a growing number of Asian wealth management firms, which are either expanding their operations or establishing new offices in Dubai. This surge in interest is bolstered by the improving diplomatic relations between China and the Middle East, reflecting a broader shift in global wealth management strategies.  

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