Private banking arm appoints former Deutsche Bank exec to help drive growth in region
Coutts, the private banking arm of Royal Bank of Scotland Group Plc, has hired Michael Dismorr, previously with Deutsche Bank, as a managing director for its expanding Middle Eastern operations, the private bank said on Thursday.
Dismorr, who will be based in Dubai's tax-free financial center, was previously the regional head of Deutsche Bank's business of advising its key clients and a chairman of the German lender's Middle East advisory board.
He will report to Amir Sadr, co-head of Middle Eastern business for Coutts, Coutts said in a statement. Global private banks have flocked to the region lured by the its growing ranks of millionaires.
Coutts, which has offices in Dubai and Abu Dhabi in the United Arab Emirates, has hired 20 bankers for its Middle East business and plans to hire another 11 this year, Sadr told a news conference in February.
The Middle East and Africa wealth management sector grew 8.6 percent in 2010 and overall assets under management could grow to $6.7trn by 2015 helped by high oil prices, a study by the Boston Consulting Group in June last year showed.