Emirates NBD has launched a branch in Singapore – its first in the Asia Pacific region – which will provide private banking services to high net worth Middle Eastern and Asian investors.

The new office is intended to act as a hub from which the bank can cover the Asia Pacific region and as a means to facilitate investment flows between Singapore and the Middle East, Emirates NBD said in a statement. The firm notes that the UAE is Singapore's second largest trading partner in the Gulf, with bilateral trade amounting to S$11.6 billion ($8.8 billion).

Wealth management will be a primary focus of the Singapore branch and the bank will be targeting clients from the Middle East desiring to base some of their offshore assets in Singapore, and, conversely, Asian high net worth individuals looking to up their exposure to the Middle East and North Africa region.

"It is the intention of the Singapore Branch to leverage the extensive infrastructure we have in the UAE and to exploit the overseas offices of Emirates NBD to maximise the business opportunities available to the branch. Emirates NBD will seek to facilitate trade and investment flows between the Gulf and the Asia Pacific region,” said Abdul Wahed Al Fahim, Emirates NDB’s group deputy chief executive.

Emirates NDB currently has operations in Saudi Arabia, Qatar, the UK and Jersey, along with representative offices in India and Iran.