Standard Chartered Bank has opened its Private Banking Middle East headquarters at the DIFC.

Standard Chartered Bank has opened its Private Banking Middle East headquarters at the Dubai International Financial Centre to serve high net worth individuals with between $1 million and $50 million in investable assets, focusing on entrepreneurs and senior executives.

With the new Dubai operation, Standard Chartered Private Bank will operate in Hong Kong, Shanghai, Beijing, Seoul, Mumbai, New Delhi, London and Jersey. It is planning to open in Singapore by the end of the month.

Peter Flavel, global head of The Standard Chartered Private Bank, said: “The Private Banking market in our footprint is large and growing very fast. It is also a fragmented business providing good opportunities for a bank such as Standard Chartered. Eighty per cent of the wealth is onshore, playing to our network strength.

”We are an international bank with a strong local approach and offer both offshore and onshore banking. The bank has a long history of committed service to the region and we cherish the longstanding relationships we have.”