Nedbank Group Ltd., the South African bank controlled by Old Mutual Plc., said it appointed Andrew Bates as head of its private banking unit in the Middle East as the bank targets wealthy clients in the region.
Bates, who joined Nedbank Private Wealth in 2004, is based in Dubai and will also head the bank’s Asia operations, according to an e-mailed statement today from the bank.
Banks are boosting private banking in the Middle East as the number of millionaires increases, rising 2.7 percent to 450,000 in 2011, according to Cap Gemini SA and RBC Wealth Management. Coutts & Co., the wealth management unit of Royal Bank of Scotland Group Plc, said in April it hired Michael Dismorr as a managing director for the Middle East. JPMorgan Chase & Co. said last week it hired Antoine Massoud from Goldman Sachs Group Inc. for its private banking team.
Bates will work alongside Marl Leale, regional manager of the Dubai office who started the bank’s Middle East operations in April 2011, the bank said.