Standard Chartered expands UAE private banking team

DUBAI, May 21 (Reuters) - Standard Chartered is expanding its private banking team in the United Arab Emirates, it said on Wednesday, joining other financial institutions looking to tap into the growing market.

As part of the expansion, Standard Chartered Global Private Bank appointed Yahya Ismail as market head for Europe, Middle East and Africa.

Western wealth managers have increased their presence in the UAE as its ease of doing business, convenient time zones and tax-free status has attracted an increasingly diverse pool of investors.

Last year Rothschild opened a wealth management office in Dubai and JPMorgan (JPM.N) set up a private banking team in the city. (Reporting by Federico Maccioni Editing by David Goodman )

Standard Chartered