Competition in the Middle East wealth management market has intensified with global banks Goldman Sachs, Deutsche Bank, and Nomura increasing their activities there
In Dubai, a group of private bankers from Credit Suisse is moving to UBS, according to a Bloomberg report, citing sources. The team led by Sanjay Advani specializes in serving Indian clients living outside India. The change will take place in the coming months.
Advani has been with Credit Suisse in Dubai for seven years, joining from Societe Generale’s private banking division in Dubai, where he was nearly eight years. Both Advani and UBS declined to comment to the news agency.
UBS recently hired three private bankers from Credit Suisse in Singapore to strengthen its services to non-residents of India at Dubai.
The Indian diaspora in the Gulf region is a lucrative target group for banks as India experiences growing prosperity. The subcontinent recently displaced the United Kingdom from fifth place among the world’s largest economies.
UBS is looking to expand its business in the Gulf region and increase the number of ultra-high-net-worth individuals served there. The poaching of the Credit Suisse team is part of a push by UBS to focus on the growing number of wealthy Indians living abroad. UBS’ global business with this group of individuals is headed by Niels Zilkens.
Advani has been with Credit Suisse in Dubai for seven years, joining from Societe Generale’s private banking division in Dubai, where he was nearly eight years. Both Advani and UBS declined to comment to the news agency
Dubai has become a top destination for the financial industry, drawing an influx of bankers and wealth managers from Europe and Hong Kong. Since the start of the Ukraine war, capital flows from Russia have increased as the Gulf state remains open to travelers from the country and also does not participate in sanctions.
Competition in the Middle East wealth management market has intensified with global banks Goldman Sachs, Deutsche Bank, and Nomura increasing their activities there.
UBS hired Lilian Simerly, an experienced private banker from Julius Baer, in the fall of 2022. In 2021, a private banking team was also poached from Credit Suisse in Dubai. Wealth management in Israel will also be expanded and a new office opened in Doha.
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