Emirates NBD, leading UAE based largest bank by assets, has informed that it envisages to increase its private banking business, primarily in Singapore.

The sources informed that Due to economic uncertainity, private banking worldwide is in flux, with some key global lenders leaving the field as others seek to spread out and balance volatile investment banking revenues with the steadier income flows from services to the super rich

While commenting on the occasion, Mr. Sanjay Uppal, CFO of Emirates NBD, stated, "We will look into leveraging our presence in Singapore. Our focus is on regional clients. We believe that is our sweet spot at this point in time."

Emirates NBD has increased by two-fold its number of relationship managers to 50 in the current financial year, as well as are having private banking activities in the UAE, London, Jersey and Singapore.

Despite the slump, the growth prospects for the worldwide private banking industry remain strong, driven by rising wealth in places such as Russia, China and the Middle East.