The wealth management and private banking company, which has traditionally focused on the UK, has three offices in the Middle East – Abu Dhabi, Dubai and Doha.
Of the planned 20 new recruits, Coutts said 15 will be based in its Dubai office which acts as the “hub” for its Middle East activities. Coutts added it is currently in the “advanced stages” of an application for a Dubai International Finance Centre licence as an authorised firm which it said is a key factor in its growth strategy.
The most significant of the company’s recent appointments is Arjun Mittal, who has been appointed as regional head of Non-Resident Indian business, with responsibility for the firm’s Middle East and European markets. Mittal, who joins from Bank Sarasin Alpen in Dubai, will report to Amir Sadr, Coutts’ head of the UAE and private office Middle East and to Ranjit Khanna, global head of NRI and South Asia.
Meanwhile, Akram Khattab, also from Bank Sarasin Alpen in Dubai, has been appointed as an executive director, relationship management, with a focus on Dubai and the Northern Emirates, and Ali-Reza Vahabzadeh has been appointed vice president, relationship management, looking after the Geneva-based UAE high net worth team.
Commenting on the appointments, 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.”