Private Banking Trends in the Middle East

Euromoney (February) quoted Mathieu Vasseux in an article about private banking trends in the Middle East. Mathieu says: “The international banks have historically had an advantage because of their critical mass, which enabled them to build a really broad offering of services and investment opportunities for their clients. That structural advantage is very difficult to challenge but some of the local players are recognizing that wealth management is a big opportunity and they should try to get a bigger slice of the pie. They’re building a better onshore wealth management offering. They’re trying to come up with a proposition that might not have all the bells and whistles or the most advanced investment options but that focuses on doing the basics right and strong relationship management. They’re getting smarter and they’re building a more integrated onshore value proposition that the global offshore banks cannot replicate.”