Emirates NBD penetrates Asia Pacific via Singapore

Emirates NBD launched its Singapore branch to be able to cover Asia Pacific. A focus of the bank’s Singapore branch will be on wealth management, targeting High Net Worth Individuals 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 investments to Asian High Net Worth Individuals who are currently under-weighted in their MENA exposure.

The Singapore Branch, according to Emirates NBD Group Deputy CEO, Abdul Wahed Al Fahim, will leverage the extensive infrastructure the bank has in UAE and to exploit the overseas offices of Emirates NBD to maximize the business opportunities available to the branch.

Brian Shegar, General Manager of the Singapore Branch and Head of Asia Pacific said, "The Emirates NBD Singapore Branch will leverage on our established niche competence in Shari'ah compliant private banking and asset management business.  Our asset management subsidiary, Emirates NBD Asset Management, is a leading fund manager in the UAE with a recognized niche competence in areas such as MENA and Shari'ah compliant investments which seeks collaboration opportunities with Singapore and regional financial institutions.”

The bank, which has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Channel Islands or Jersey, and representative offices in India and Iran, was established in October 2007 from the merger of Emirates Bank and National Bank of Dubai.   The merged bank, Emirates NBD, is currently the largest in terms of assets in the Middle East, reporting total assets of US$ 77 billion as of end of 2009. 

"The bank's objective in opening a branch in the Asia Pacific area is to position itself in a convenient hub to cover the world's most dynamic economic region which includes the strong emerging markets of China, India, South East Asia and other East Asian countries.  Singapore's established reputation as one of the world's leading financial centres and its strategic location within the Asian region makes it a logical choice for Emirates NBD to establish its first Asia Pacific branch in the country," said Ahmed Humaid Al Tayer, Chairman of Emirates NBD, who officiated the launch .