Financial services group Nomura has received in-principle approvals from the Monetary Authority of Singapore (MAS) and Dubai Financial Services Authority (DFSA) to open a wealth management office in Dubai.
The Dubai International Financial Centre (DIFC) branch will expand the scope of its international wealth management business in the Middle East.
It will broaden its coverage of ultra-high net worth clients in its target markets of greater China, southeast Asia, the Middle East and the global non-resident Indian segment, all currently served by about 90 private bankers based in Singapore and Hong Kong.
Ravi Raju, head of international wealth management at Nomura, said: “Dubai has long established its importance in the Middle East, Indian subcontinent and Africa for entrepreneurs and families as a base to grow their international presence from.
“We welcome the chance to be a part of this exciting growth opportunity to offer our international wealth management and one-bank solutions to clients via our robust Singapore platform.”
Rig Karkhanis, Nomura deputy head of global markets and head of global Markets, Asia ex-Japan, added: “We hope to bring our leading institutional product suite including structured solutions to meet the sophisticated needs of entrepreneurs and ultra-high net worth clients in the Middle East. This new branch at DIFC will act as a springboard for the franchise to become a platform of choice for high net worth clients globally.”
