The India-based private banking business, part of a wider group, said there is a "growing aspirational class of global investors" who want plug into India's growth story.

Nuvama Private, the private banking arm of India’s Nuvama Group – a wealth manager – is launching operations via an office in the Dubai International Financial Centre.

The business has obtained a CAT III C licence. Nuvama Private said in a statement yesterday that it is one of few Indian private banks that is authorised to provide advice and to distribute investment products.

Nuvama Private will serve non-resident Indians (NRIs) and global clients; the firm will also serve Indian clients seeking to diversify beyond domestic investments.

The firm has appointed Vishwajit Patil as the senior executive officer for Nuvama Private DIFC. Patil brings more than 20 years’ experience in banking, wealth management, and leadership. 

“There is a growing aspirational class of global investors who are looking to participate in the India growth story. NRIs, a part of this investor set, already account for about one quarter of the expatriate population in Dubai,” Alok Saigal, president and head, Nuvama Private, said.

Nuvama has operated in the Indian market for more than 25 years. It oversees more than $46 billion client assets and caters to clients including about 1.2 million affluent and HNWIs and about 3,900 of India’s most prosperous families.