Barwa Bank interview: Steve Troop


  • Share via facebook
  • Tweet this
  • Bookmark and Share
Corporate wealth management has not done well in the Middle East, says Barwa Bank CEO Steve Troop

Corporate wealth management has not done well in the Middle East, says Barwa Bank CEO Steve Troop

The Middle East’s super-rich community grew by 100 in the last year to include 4,595 individuals with a combined wealth of $710bn.

While the number of ultra high net worth (UHNW) individuals with a fortune over $30m increased, their total wealth decreased 1.3 percent to $710bn, according to the ‘World Ultra Wealth Report 2012-2013’ compiled by Singapore-based Wealth X consultancy firm.

Qatar, which is gearing up to host the FIFA World Cup in 2022 and is renowned for its massive gas and oil reserves, is home to twelve billionaires, each worth an average of $1.4bn. However, while the number of UHNW individuals in the Gulf state grew by 3.4 percent, their total balance sheet also decreased by 2.2 percent to $45bn.

“The gloom in Europe may prove to be the drag on economic expansion in Africa and the Middle East through the reduced demand for oil and an increase in risk aversion amongst investors,” the report warns, but Steve Troop, CEO of Barwa Bank, is more upbeat.

“Anyone who has managed to preserve capital has done very well… 2.2 percent poorer? To come out with 97.8 percent is [still] very well,” says Troop.

The Cambridge University graduate and native of Yorkshire may be the head of Qatar’s fastest-growing Sharia-compliant lender but he has an interesting take on why the country’s super-rich community is seeing their wealth shrink.

“We think corporate wealth management is not done terribly well in the Middle East,” he says candidly. “All banks start out with the best of intentions but it ends up as product push… It gets simplified along the way and people have agendas and targets.

Article continued on next page

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Capital plans: how Qatar's banks are shaping up

Capital plans: how Qatar's banks are shaping up

Ahli Bank chief executive Salah Murad says that despite competition...

The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
MidEast investors eye $180bn overseas spending

MidEast investors eye $180bn overseas spending

Arab institutional investors have been buying up swathes of ...

Most Discussed