Bank of Singapore hires more private bankers as Middle East wealth grows

(Dec 19): The private-banking arm of Oversea-Chinese Banking Corp. is adding more staff in Dubai, as the Singapore lender seeks a greater role managing the money of the Middle East’s wealthy and of Indians living overseas.

Bank of Singapore plans to hire about 20 relationship managers next year to cater to non-resident Indians and rich people in the Arab world, according to Vikram Malhotra, the bank’s global market head for South Asia and the Middle East. Most of the additions will be based in Dubai, though some will be located in Singapore and Hong Kong to bolster the bank’s non-resident Indian teams in those cities, Malhotra said in an interview last week.

Bank of Singapore opened a Dubai branch in February, and currently has about 45 wealth managers in the city, which serves as a regional financial hub for the oil-rich Persian Gulf region. The total wealth in the Middle East grew 5% last year to US$2.4 trillion ($3.2 trillion), according to estimates from the consultancy Capgemini SA.

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