Indian private bank Nuvama Private, part of Nuvama Group, one of India’s largest listed institutionally backed wealth management firm, has launched operations to serve the Middle East through its office in the Dubai International Financial Centre.

With a CAT III C licence, Nuvama Private is one of few Indian private banks that is authorized to provide advice and to distribute investment products. Traditionally, global high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients have been served by banks or local external asset manager’s in the region and have had limited access to participate in the Indian public and private market opportunities, that have evolved over the last few years.

The move enables non-resident Indians (NRIs) and global client’s access to one of the fastest-growing markets globally, through Nuvama; and concurrently, it will also allow Nuvama Private to serve the ever-growing needs of their Indian clients who are looking to diversify beyond their India investments currently.

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

“Increasing numbers of these people are UHNW individuals. We intimately understand the needs and persona of the Indian mindset, and their need for all-inclusive and tailored wealth management solutions. And hence would like to be the preferred partner for their private banking needs, for both onshore and offshore solutions.”