Opening of New Office to Serve High-Net-Worth Clients and Financial Institutions in the GCC
PC: Arabian Business
Investec, a leading global bank and wealth manager, announced that it has opened its doors at the Dubai International Financial Centre (DIFC), significant expansion of operations in the Gulf region. The new office will be offering advisory and arranging services in private banking, wealth and investment management, and corporate and investment banking to high-net-worth clients, family offices, and other financial institutions in the Gulf Cooperation Council (GCC).
Gateway between the Gulf and Global Markets
As the firm establishes a foothold in Dubai, this new office is part of a strategy to reinforce investment in MEASA by the company known as Investec. In the process of tapping into the growing wealth and economic opportunities in the Gulf, the firm aims to provide an exclusive combination of private banking and investment banking services to both local and international clients.
The Dubai office will also act as a gateway to engage the Gulf clients with the Investec offering in Switzerland, a direct result of the firm’s Swiss banking heritage, international resources, and leading-edge investment processes. By doing this, Investec is getting closer to its clients, having the capacity to offer personalised services but tapping into the global network of expertise and capabilities.
Strengthening Investec’s Global Footprint
With offices in South Africa and the United Kingdom, besides its presence in the USA, Ireland, Mauritius, India, the Channel Islands, and Continental Europe, Investec further consolidates its international footprint by entering the DIFC. The Dubai office positions Investec for access to the rapidly growing markets of the Gulf, which are becoming increasingly significant for the world economy.
According to Cumesh Moodliar, CEO of Investec Bank Limited, the strategic move is reflected in the sustainable emergence of high-net-worth individuals in Dubai and the Gulf because the region offers connectivity, quality services, and growth opportunities for domestic and international companies, making it increasingly important to the world’s economy and growth agenda for the ambitious development of these markets.
DIFC as a Financial Hub
DIFC, as a gateway to the Middle East, Africa, and South Asia region is an international financial hub, promising an ideal environment for Investec’s growth, thanks to its strategic location, robust legal and regulatory frameworks, and business-friendly environment. The Centre has more than 6,000 companies, including over 230 banks, 27 of the top 29 globally systemically important banks, and more than 400 leading wealth and asset managers.
We are thrilled to see Investec join DIFC and Dubai, said Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority. We continue to attract more high-calibre financial institutions looking to tap into deep pools of wealth emanating from family offices, sovereign funds, and ultra-high-net-worth individuals. He also mentioned that bringing this facility to DIFC would open a gateway to more than $ 3 trillion of private wealth within just one hour of flight from Dubai.
Client-Centric Approach Enhanced by Technology
The bank’s client-centric model, characterised by a relationship-based model supplemented by strong technical capability, is likely to be further developed at its new DIFC office through the delivery of tailored private banking, investment management, and corporate and investment banking services to its clients.
Darryn Solomon, Senior Executive Officer of the Investec DIFC office, highlights the significance for the firm’s delivery services in the new office. According to Solomon, investec prides itself on delivering world-class service and creating enduring worth for our stakeholders. They look forward to presenting clients with great access to global private banking and investment management as well as corporate and investment banking opportunities rightly tailored to meet their evolving needs.
The new office at DIFC marks an important milestone in the expansion plan for Investec, which will provide the bank with access to the rapidly growing high-net-worth market in both the individual and financial institutions areas of GCC. Its deep local market knowledge combined with international strength, expertise, and client-centric approach to business will help Investec be well placed to meet the ever-changing financial needs of its clients in the GCC, assisting the future of finance for the region in that respect.
