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Standard Chartered Boosts UAE Private Banking Team Amid Ultra-Rich Influx

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Standard Chartered Plc is strengthening its private banking operations in the UAE, increasing its team by 20% as part of a strategic push to cater to the growing number of ultra-high-net-worth (UHNW) individuals moving to the region.

The bank has hired seven new private bankers, who will report to Nash Mithani, Market Head of Private Banking UAE and Head of the Global South Asia Community (GSAC). Among the hires is Momin Jaffar, who has joined as Managing Director and Group Head.

“The UAE continues to be a priority market for Standard Chartered, with the bank actively investing in talent and resources to meet the needs of its high and ultra-high-net-worth clients,” said Vinay Gandhi, Global Head of GSAC and Regional Head of AMEE at Standard Chartered Global Private Bank.

Gandhi emphasized that this expansion reflects the bank’s strategy to combine its global network with local expertise, providing top-tier services to an increasingly affluent client base.

UAE: A Magnet for the Ultra-Rich

The UAE has solidified its position as a global hub for the wealthy, with cities like Dubai and Abu Dhabi attracting affluent individuals at an unprecedented rate. A report by DHF Capital S.A. projects that by the end of 2024, the UAE will welcome a record 6,700 new millionaires, surpassing growth rates in countries like the US and Singapore.

In addition to this influx of millionaires, the number of billionaires in the UAE is also on the rise. According to UBS, the country’s billionaire count grew to 18 in 2024, with their collective wealth reaching $138.7 billion.

Competitive Landscape

Standard Chartered isn’t the only financial institution capitalizing on this trend. Global banks such as JP Morgan Chase and Santander have also expanded their private banking teams in the UAE, vying for a share of the lucrative market.

Standard Chartered’s new hires and expanded capabilities align with its mission to support high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients through tailored solutions.

Positioning for Growth

With the UAE’s status as a global financial hub bolstered by its tax-friendly environment and attractive lifestyle, banks like Standard Chartered are strategically positioning themselves to serve a client base that continues to grow both in number and wealth.

By investing in talent and resources, Standard Chartered aims to maintain its competitive edge in providing personalized and comprehensive wealth management solutions to its clients.