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Standard Chartered is giving wealthy clients a more exclusive experience, opening a new dedicated facility in Dubai for those seeking personalized wealth management and access to international markets.
The London-based lender — operating in 53 countries, many in emerging markets — opened its first “Priority Private” facility in the Middle East, Europe, and Africa targeting the UAE’s growing affluent class, one that is short of the ultrawealthy that make headlines but whose population is nevertheless growing at pace. The center will focus on customers with $1 million to $10 million in assets.
While Standard Chartered has similar centers in Hong Kong, India, and Singapore, Dubai’s demographics set it apart, Rajesh Kannan, the bank’s managing director and head of wealth and retail banking in the UAE, said in an interview. In Singapore, the private banking center serves clients from about 30 nationalities — in Dubai, it’s 125 nationalities, he said.
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The UAE wealth effect is evident. Private deposits in the country’s banks surged 14.4% and credit grew 9.5%, according to central bank data, outpacing economic growth. Residents are accumulating wealth, while rich expats are drawn to the UAE’s financial infrastructure, rule of law, and open business climate, Kannan said. (The country has no income tax.)
Indians are the UAE’s largest expat group, and nearly nine million Indians live in the Gulf, according to India’s Ministry of External Affairs. Traditionally labeled “Non-Resident Indians,” many send remittances, buy property, and invest in India. But for a wealthy subset, this identity is shifting.
Standard Chartered instead identifies the new group as “Global Indians” who still have deep ties to their home country but also have broader international interests, Kannan said. “Our role is to help them invest not just in India but across the full spectrum of opportunities.” This mindset also applies to other nationalities who are looking for wealth managers to advise on global investments, he said.
Wealthy people consider the availability of “premium banking services” when deciding where to move, said Jeremy Savory, CEO of Savory & Partners, a firm that provides advice on investment citizenship and residency programs. The UAE’s banks are “a key driver for our clients. In the past six months alone, we have experienced a significantly increased number of enquiries from Brits looking to relocate.”