The private banking division of OCB , Bank of Singapore, is reportedly recruiting more staff primarily for its Dubai office.
It would enable the Singaporean lender to gain a greater role in managing Middle East wealth and the assets of Indians living abroad.
The bank will hire 20 relationship managers, according to Vikram Malhotra, the bank’s global market head for South Asia and the Middle East.
Malhotra said Bank of Singapore has seen a “phenomenal growth in the assets under management” in the Middle East and from wealthy overseas Indians this year”.
While most of the new relationship manager hires will be based in Dubai, a few will be placed in Hong Kong and Singapore to boost the bank’s non-resident teams.
OCBC opened a Dubai office in February this year. At present, the bank employs 45 wealth managers in its Dubai branch.
Consultancy Capgemini has cited Dubai as the second most popular city for Indians to hold their wealth. Singapore remains the most popular Indian offshore wealth choice, according to a Capgemini report published in November.
PBI approached OCBC Bank to confirm the news, but had yet to receive a reply at the time of going to press.