A number of banks are stepping up their private banking operations in the Middle East, despite sluggish business in other areas, as they compete to offer wealth management services to a growing number of ultra-wealthy individuals in the region.
With deal-making activity subdued in the wake of the Arab Spring, many international banks have been trimming their investment banking operations in the Middle East. But private banking is one of the few bright spots, with several institutions actively hiring private bankers and opening new offices across the Gulf to cater for wealthy clients.
"We are witnessing a recent increase of licensed branches, rep offices and advisory teams, especially in Abu Dhabi, Doha, Riyadh and Dubai," said Daniel Diemers, a principal with Booz & Company.
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