Awards for Distinction 2011 – Middle East


APB-AFD-BestPrivateBankMiddleEast

Standard Chartered Private Bank

Stephen Richards-Evans

Stephen Richards-Evans
Managing Director
Head of Private Bank Europe, Middle East, Africa, India & the Americas
Standard Chartered Private Bank

The wealth management market in the United Arab Emirates and other Gulf countries is primed to grow faster than the global average. The region’s intrinsic wealth, kept afloat by rising oil prices, is estimated to allow investible assets in the region to grow at a compounded annual growth rate of 8% from year-end 2010 through 2015 to reach US$2.8 trillion. It was US$2 trillion at the end of last year. Global wealth, on the other hand, is expected to witness a CAGR of 5.9% until 2015. Little wonder the region’s private banking market is fiercely contested.

Historically, UHNW families in the Middle East preferred to bank assets offshore in either Switzerland or other parts of Europe. However, the region’s benign fiscal regime has slowly convinced investors to keep significant sums of money onshore. For the Asian Private Banker – Best Private Bank in the Middle East Award, an onshore presence was a key differentiator for the eventual winner. Standard Chartered Private Bank, this year’s deserved winner, has a long history in the Middle East – its first branch opened in 1920 in Bahrain. The bank is headquartered in Dubai and its private banking coverage of the region spans across Bahrain, Egypt, Iraq, Jordan, the KSA, Kuwait, Lebanon, Oman, Pakistan, Qatar and the UAE, serviced through a dedicated team of 58 relationship managers. Private banking assets under management are at US$3.4 billion and Standard Chartered’s wealth management franchise catered to 2,173 households in 2011 – impressive growth rates of 20% and 15% respectively from the corresponding figures in 2010.

Standard Chartered Private Bank’s in-depth understanding of the region’s culture and sensitivities stands out amongst its peers. “Our strong heritage, deep roots and dominant local presence in the Middle East gives us a rich depth of knowledge and detailed insights to help in the management of our client’s wealth,” confirms Stephen Richards Evans, head of Standard Chartered Private Bank Europe, Middle East, Africa, India & the Americas. “We furthermore have a unique understanding of the Islamic world to structure innovative Islamic capital market, investment and risk management solutions. Our offices in Dubai International Financial Centre (DIFC) are home to the largest trading platform in the Middle East.”