Emirates NBD, a UAE based banking group, has launched its first Asia Pacific branch in Singapore.
The group’s international operations now include branches in Singapore, the Kingdom of Saudi Arabia, Qatar, the UK and Jersey (Channel Islands), and representative offices in India and Iran.
According to the bank , Singapore branch will focus on wealth management, targeting High Net Worth Individuals (HNWI) from the Middle East who would like to base part of their offshore assets in Singapore.
Conversely, the branch will promote Middle East North Africa (MENA) investments to Asian HNWI’s who are currently under-weighted in their MENA exposure.
Emirates NBD group deputy CEO Abdul Wahed Al Fahim said the group will seek to facilitate trade and investment flows between the Gulf and the Asia Pacific region and it will further selectively explore business opportunities in the debt and capital markets as well as investment banking.
Since 2006, Emirates NBD has had a presence in Singapore through representative office, and is head-quartered in Dubai.