The British multinational bank Standard Chartered has announced plans to expand its private banking team in the UAE by 20%. This move is part of the bank’s broader effort to enhance its services for high-net-worth clients in the region.
The bank, established in 1969 through the merger of Standard Bank of British South Africa and Chartered Bank of India, Australia, and China, is headquartered in London and operates in over 50 markets globally.
In recent years, Standard Chartered has focused on bolstering its wealth management capabilities to offset declining revenues from traditional lending, a challenge amplified by falling central bank interest rates. Its UAE expansion is aligned with a strategy to double investments in private banking over the next five years.
Standard Chartered has made seven key appointments in the region and earlier this month announced a target of attracting $200bn in new assets and achieving double-digit income growth in its global wealth business by 2029. The bank has also identified clients in China and India as critical to its global ambitions.
Standard Chartered’s strategic importance in the Middle East has not gone unnoticed. Earlier this year, reports emerged that First Abu Dhabi Bank explored a potential acquisition of Standard Chartered. The move would have marked a significant consolidation in the financial sector, highlighting the UAE’s ambitions to strengthen its influence in global banking. However, First Abu Dhabi Bank ultimately decided against pursuing the takeover, citing uncertainties around the deal’s feasibility and market conditions.
The UAE remains a key market for Standard Chartered, reinforcing the country’s position as a regional financial hub. The bank’s latest expansion reinforces its commitment to catering to the region’s growing population of affluent individuals and solidifying its position as a leading wealth management provider in the Middle East.
Gulf Economist Staff Writer