close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Canada's RBC to Double Middle East Wealth Management Team

Canada's RBC to Double Middle East Wealth Management Team

Royal Bank of Canada (RBC) expects to double the number of wealth management employees in its Dubai office in the near future, and is open to opportunities for acquisitions, a senior executive said on Sunday.

1

April 22, 2012 4:08 by



Royal Bank of Canada (RBC) expects to double the number of wealth management employees in its Dubai office in the near future, and is open to opportunities for acquisitions, a senior executive said on Sunday.

Toronto-based RBC has set its sights on global wealth management as a key driver for growth, targeting organic growth in the United States, Britain, Asia, the Middle East and Latin America as well as small or medium-sized acquisitions to build its global wealth, private banking and trust business.

“We currently have 15 people in our Dubai office and will expect to double that in the next two to three years,” Barend Janssens, head of the bank’s wealth management in emerging markets told reporters in Dubai.

The world’s sixth-largest wealth manager wants to more than double its adviser headcount in emerging markets to at least 220 by 2015 as it seeks to expand its business there from C$20 billion to C$50 billion, it said last month.

RBC has been relatively unscathed by the global financial crisis and has successfully lured away top talents from crisis-hit U.S. and European institutions scaling down operations.

The bank also agreed to buy some overseas divisions of the Coutts private banking business from Royal Bank of Scotland last month.

The Gulf region, which includes Saudi Arabia, Kuwait and the UAE, together pump a significant share of the world’s crude oil production, and global private banks have flocked to the region lured by the region’s growing ranks of millionaires.

The Middle East and Africa wealth management sector grew 8.6 percent in 2010 and overall assets under management could grow to $6.7 trillion by 2015 helped by high oil prices, a study by the Boston Consulting Group in June last year showed.

The region’s private banking sector has several pure-play private banks like Julius Baer and Sarasin Alpen, competing with diversified banks such as, J.P. Morgan Chase and UBS.

(Editing by Sitaraman Shankar)



1

Tags: , , , ,

1 Comment

  1. Tarek Aziz on April 23, 2012 4:24 am

    Better go to India, the bank will make good money as the base is very large. It is a growing economy. Dubai is all over for the time being.

     

Leave a Comment