Bank of Singapore aims to grow its business in the Middle East, with the region contributing up to 20 per cent of its overall revenue and private banking assets over the next three to five years from around 10 per cent currently, its top executive said. One of Asia’s biggest private banks, Bank of Singapore has grown its assets under management (AUM) to $116bn as at end-September 2023 from about $20bn in 2010, according to the latest financials available for the unlisted firm. The private bank’s Singapore and Hong Kong hubs currently make up the majority of its AUM.
“UAE and in particular Dubai have become key destinations for global millionaires post-COVID,” Ranjit Khanna, the head of private banking for Europe and the Middle East and chief executive for Dubai hub at Bank of Singapore, told Reuters. “This really has been spurred on the back of people looking for alternatives, really positive federal government strategies to attract wealthy to these parts of the world, ease of doing business, positive infrastructure, golden visa regime.” A growing number of wealth managers in Asia are expanding or setting up offices in Dubai , capitalising on warming diplomatic ties between China and the Middle East and betting on a surge in demand from clients for geographical diversification.
“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. Global net wealth, comprising financial .