Emirates NBD enters the private banking world

Emirates NBD, the UAE's largest bank by assets, has hired 50 people to staff its new private banking arm, The National reports tonight. It's an interesting step for a bank that has largely branded itself as the nation's retail giant. Emirates NBD doubtless has many super-wealthy clients, but doesn't seem to have pushed hard to court the rich in its marketing and advertising. I'd imagine it'll also be a herculean task to convert the clients of large international banks like UBS and JPMorgan, both of which have had private banking clients in the region for ages and have had ample time to craft strong reputations and relationships.

Honestly, I doubt the Western banks will be very worried about Emirates NBD's foray into what has long been a comfortable market for a handful of big players. Yet the timing could be good - distrust of Western financial mavens has hardly ever been stronger. Ultimately, though, I'd imagine the move may be more of a provocation to the region's other banks, who I'm sure themselves want a piece of whatever local private-banking action is on the table.