Emirates NBD opens Singapore branch

Emirates NBD launched its Singapore branch on Thursday. The group's international operations include branches in Singapore, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India and Iran, an official release said.

Ahmed Humaid Al Tayer, Chairman of Emirates NBD, who officiated the launch, said: "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".
 
Emirates NBD Group Deputy CEO, Abdul Wahed Al Fahim said, "It is the intention of the Singapore Branch to leverage the extensive infrastructure we have in UAE and to exploit the overseas offices of Emirates NBD to maximise the business opportunities available to the Branch."

He said the UAE is Singapore's second largest trading partner in the Gulf with total bilateral trade of S$11.6bn.  Emirates NBD will seek to facilitate trade and investment flows between the Gulf and the Asia Pacific region. 

"We will further selectively explore business opportunities in the debt and capital markets as well as investment banking.  We are confident that the Singapore Branch will progress steadily in line with the dynamic growth in the region and Singapore's development as a premier international financial centre,” he added.

A focus of the bank’s Singapore branch will be on wealth management, targeting High Net Worth Individuals (HNWI) from the Middle East who would like to base part of their offshore assets in Singapore.  Conversely, the branch will promote MENA (Middle East North Africa) investments to Asian High Net Worth Individuals who are currently under-weighted in their MENA exposure. Emirates NBD was voted by Private Banker International ("PBI") as "Outstanding Private Bank in the Middle East" and Euromoney as "Best Local Private Bank" in 2009.

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 "A+" (rated by Fitch and Capital Intelligence) Emirates NBD has had a presence in Singapore since opening a representative office in 2006, and is head-quartered in Dubai.