"Private banking requirements of the region are changing rapidly and the industry needs to adapt quickly if they want to stay in the game," said Hamiyeh.
Post-9/11 and post-global financial crisis there have been huge regulatory demands on the private banking industry to be more transparent. The changes according to Hamiyeh have been positive for both the industry and clients across the world.
High growth in private wealth makes this region very attractive to the private banking industry. Most of the leading names in the industry are already here or are attempting to enter the market. In context of the strong growth in wealth across the region, banks who already have a presence in the region are increasingly committing more resources here.
Responding to the growing wealth management needs of regional clients, a number of regional and local banks have also started offering private banking services to their clients.
Private banking offerings
"Regional and local banks are well established with a strong client base and long presence here. Now they can't ignore the fact that they have to offer private banking services to their high net worth customers and this is why we are witnessing an increase in more sophisticated private banking offerings that are coming from local and regional banks," said Hamiyeh.
The presence of global players and the entry of new local and regional banks have seen the competition intensifying the industry. The competitive environment makes everyone wanting to do better, offer quality competition. "Yes there is a lot of competition, the
With the increasing competition in the business, "suitcase banking" is fast disappearing. Earlier a number of international banks used to manage their regional clients with minimal local presence through small regional offices or occasional visits, while bulk of the business was managed from their
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