Andrew Bates was appointed as head of Nedbank Group's Middle East private banking unit. The South African bank owned by Old Mutual Plc said Bates would be leading its operations in Asia as well. Bates has been with Nedbank Private Wealth since 2004. He is currently based in Dubai.
The appointment of Bates came as the bank had been working to attract wealthy clients in the Middle East. Other banks were also boosting their private banking efforts in the region whose millionaires have risen to 2.7% to 450,000 in 2011, according to data gathered by Cap Gemini and RBC Wealth Management.
Last week, JPMorgan Chase & Co also hired Antoine Massoud from Goldman Sachs to become part of its private banking team in the Middle East. Earlier in April, the wealth management business of Royal Bank of Scotland Group, Coutts & Co, also announced the hiring of Michael Dismorr. Prior to his appointment, Dismorr served as Coutts & Co's Managing Director for the Middle East.
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