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Investec, an international bank and wealth manager that focuses on wealthy people in South Africa and the United Kingdom will be opening an office in Dubai.
In a press statement, the bank says its decision to start operating in Dubai is to grow its clientele outside SA and the UK.
Investec also has operations in the United States, Ireland, the Channel Islands, Mauritius, India and Continental Europe.
“The establishment of an office in Dubai International Financial Centre (DIFC) enables Investec to be closer to its clients, connecting them to a comprehensive network of international capabilities and expertise.”
The DIFC office connects high-net-worth clients, family offices and financial institutions in the Gulf Cooperation Council (GCC), with advisory and arranging services in private banking, amongst other financial services.
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Cumesh Moodliar, CEO of Investec Bank said they have seen a sustained emergence of high-net-worth individuals in Dubai and the Gulf as the region offers connectivity. “This reflects the increasing importance of the region for the global economy and the ambitious growth agenda of these markets.”
Moodliar told Bloomberg in an interview they have noticed South Africans considering relocating to Dubai either for business or permanently living there. Therefore, they are following their clients to the high-growth market.
The bank also expects that the expansion will leverage its services in Switzerland, which draws on its Swiss banking heritage, group resources and investment processes.
Business Tech reported that Darryn Solomon, the senior executive officer for Investec in Dubai said they were handling anywhere between $700 billion and $1 trillion in wealth on behalf of their clients. Solomon said between 150,000 and 200,000 South Africans live in the United Arab Emirates.
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Salmaan Jaffery, Chief Business Development Officer, DIFC Authority, said the bank will benefit a lot from opening the office in DIFC, as it will have access to private wealth clients.
“DIFC’s world-class business ecosystem, legal and regulatory framework and world-class infrastructure continue to attract financial institutions looking to access deep pools of wealth from family offices, sovereign funds, and ultra-high-net-worth individuals.”
The bank is of the view that the DIFC plays a critical role in leading and shaping the future of finance. “DIFC provides an excellent platform for Investec to expand its operations and serve a diverse client base.”
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