Appointment of Arjun Mittal as Regional Head of Coutts' NRI business
Plans to strengthen the regional team with 20 hires in 2012
Two new appointments to Coutts' Middle East coverage team in Geneva
Dubai: Coutts today reinforced its continued expansion in the Middle East with three key appointments and plans to hire approximately 20 staff across the region this year. The announcement was made at a roundtable in Dubai today which was hosted by Amir Sadr, Coutts' Head of the UAE and Private Office Middle East, and Norman Villamin, Chief Investment Officer, Asia and Europe. Mr Sadr shared his vision for Coutts in the Middle East, whilst Mr Villamin gave an insight into Coutts' view on the investment outlook for 2012.
Coutts has three offices in the Middle East - Abu Dhabi, Dubai and Doha. Of the planned 20 new recruits to the Middle East platform, 15 will be based in Dubai which acts as the hub of Coutts Middle East activities. Coutts is currently in advanced stages of its application for a DIFC license to operate as an Authorised Firm - a key factor in the growth strategy.
In further support of Coutts' expansion plans, Mr Sadr confirmed the appointment of Arjun Mittal as Regional Head of Coutts' NRI business, with responsibility for the Middle East and European markets. Mr Mittal will have a dual report into Mr Sadr and to Ranjit Khanna, Global Head of NRI and South Asia. Mr Sadr also announced two senior appointments to Coutts' Middle East coverage team in Geneva.
Commenting on these developments, Amir Sadr said; "The Middle East region is a key area of focus for Coutts as is reflected in the calibre of the appointments we welcome to the team today. It is essential that we have the right people in place to drive our global ambitions. We look to maintain this standard throughout our recruitment drive and our journey to be a leading provider of exceptional private banking and exceptional wealth management for our Middle East clients."
Arjun Mittal joins Coutts from Bank Sarasin Alpen in Dubai where he was a Managing Director with responsibility for developing the NRI franchise in the Middle East. Prior to that, he spent nine years at American Express Private Bank, most recently in Dubai. He started his career at American Express Bank in London as an Economist. In his new role, Mr Mittal will be based in Dubai where he will be responsible for leading the NRI operation under its current expansion drive in the Middle East and Europe.
Akram Khattab joins as an Executive Director, Relationship Management. Mr Khattab has 18 years' banking experience, having previously been a Managing Director with Bank Sarasin Alpen in Dubai. In his new role, Mr Khattab will be instrumental in expanding Coutts' footprint in the UAE with Dubai and the Northern Emirates as his two focused private wealth markets. Prior to his latest position, Mr Khattab was the Managing Director and Head of Private Banking of Mashreq Bank. He has an enviable track record in serving UHNW individuals which will be a critical component of Coutts expansion in the Private Office space.
Ali-Reza Vahabzadeh also joins Coutts as a Vice President, Relationship Management. Mr Vahabzadeh has over 12 years' experience in financial services, having previously been at Citi Private Bank's Abu Dhabi operation. Prior to that, he was a member of Citi's dedicated Ultra High Net Worth Middle East team, based in Geneva, managing clients from Qatar, UAE, Kuwait and Saudi Arabia. Mr Vahabzadeh will focus on expanding Coutts' business in Abu Dhabi and Qatar.
Both Mr Khattab and Mr Vahabzadeh will be based in Geneva.
Coutts' expansion plans in the Middle East are based on a central strategy to provide clients with exceptional wealth management solutions that draw on the technical insight and substantial global resources of the Coutts Investment Services team. At the roundtable discussion, Norman Villamin also shared his outlook for markets in 2012.
"We see at least three factors that should give support to Asian emerging-market equities this year", Mr Villamin stated. "Firstly, this asset class tends to be more sensitive to policy changes than developed markets and Asian policy-makers - specifically in China - are now making the important move from a tightening to an easing stance. Secondly, various valuation metrics, such as prices relative to earnings and book value, are at attractive levels. Finally, we expect gradual appreciation in Asian currencies. As the UAE, and indeed other GCC markets, appear to be embarking on a post-credit squeeze recovery, we think Thailand's path to recovery following the Asian crisis provides a useful roadmap. Thailand's post-crisis pattern of de-leveraging, deflation and currency depreciation is currently being reflected in the UAE. We think that with further balance sheet strengthening, UAE equities should warrant a re-rating."
For further information please contact:
Susan Tether, Coutts
+44 (0) 7920 284239
susan.tether@coutts.com
Caroline Wells, Coutts
+44 (0)7901 503830
caroline.wells@coutts.com
Maie Ahmed, FTI Consulting
+971 (0) 4 332 8832
Maie.Ahmed@fticonsulting.com
About Coutts
Coutts is the wealth division of Royal Bank of Scotland Group. Coutts serves clients from over 40 offices across the world offering tailored wealth management, banking, trust and tax services. Coutts is headquartered at 440 Strand, London with offices in other key international financial centres in Zurich, Geneva, Hong Kong, Singapore and Dubai. The division includes Adam & Company providing private banking services from its base in Edinburgh and RBS International based in the Channel Islands which provides offshore banking.
© Press Release 2012
