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European banks target wealthy CEMEA clients

With consolidation in more mature markets overhanging traditional private banks, the region of Central Europe, the Middle East and Asia (CEMEA) is attracting some newcomers' attention.

Deutsche Bank, Credit Agricole, Fortune Management and Schroders are going East in pursuit of private wealth clients and resulting revenues.

Deutsche Bank's private wealth management division says it is keen to expand its operations in Russia and plans to open around 20 branch offices in the country, reports Wealthbriefing.com.

Credit Agricole (Suisse) has been granted a restricted banking licence to operate in the Special Administrative Region by the Hong Kong Monetary Authority. The Swiss arm of the French bank is expected to use the licence to build up its private banking operations in Hong Kong; it also has an office in Singapore to serve the region's high net worth individuals.

Fortune Management, a Swiss private equity group, has received approval to list its shares on the Dubai International Financial Exchange according to the same report. Fortune plans to expand its wealth management operations there through Fortune Wealth Management, the platform and brand it plans to use in the Middle East.

Schroders, the UK asset manager, is reorganising its wealth management operations and running them out of Zürich, according to Reuters. Alan Brown, Schroders' head of investment, says India and the US look to be potential hot spots for growth. Any expansion there, however, would rather likely be organic than through acquisition.

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