The chief executive of Emirates NBD has said the UAE bank sees a “strong opportunity” in the private banking space and has already recruited a 50-strong team as it gears up to offer new wealth management products, Emirates Business reports. Emirates NBD launches private banking operations today.

In an interview with the publication, Rick Pudner is reported to have said that the global financial crisis had created opportunities as "quite a few people perhaps have become more uncomfortable with the traditional private banks". "Trust has been damaged," he said, adding that this had created an opportunity to pick up "overflows from there".

Emirates NBD’s launch of private banking operations is aimed at catering for "international savvy investors who want to come a little closer home," Mr Pudner was quoted as having said.

Among the private banking hires mentioned by Mr Pudner was the high profile appointment last month of Gary Dugan, formerly chief investment officer for EMEA at Merrill Lynch Global Wealth Management. Emirates NBD appointed Robbert Jan Voogt as general manager of private banking last year; he had previously been head of the private bank for south Asia at Fortis Private Bank in Singapore.

Emirates NBD has also been focusing on developing investment, capital guarantee and general liability products. “We think we have got a really good suite of products that will attract investors under the umbrella of our brand,” Mr Pudner said.