Nuvama Private Opens DIFC Office to Serve Global Indians

Nuvama Private, the private banking division of the Nuvama Group, has launched its new office in Dubai International Financial Centre (DIFC) to cater to Non-Resident Indians (NRIs) and global clients in the Middle East. With a CAT III C licence, this expansion marks Nuvama as one of the few Indian private banks authorized to offer advisory and investment distribution services in the region.

Alok Saigal, President and Head of Nuvama Private, highlighted the growing interest among global investors in India's burgeoning market. He noted that NRIs, who make up about a quarter of Dubai's expatriate population, are increasingly seeking diversified wealth management solutions. By establishing its presence in DIFC, Nuvama aims to provide tailored services for these high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs).

Vivek Sharma, Head of Offshore at Nuvama Private, emphasized the evolving needs of Indian UHNW families, which are becoming more global. The DIFC office will bridge the gap between local and global investment opportunities, enhancing Nuvama's ability to serve both onshore and offshore clients.

Vishwajit Patil has been appointed as the Senior Executive Officer for the new DIFC branch. With over two decades of experience in banking and wealth management, Patil is expected to lead the office effectively.

Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, expressed confidence in Nuvama’s potential to capitalize on Dubai's wealth concentration and substantial NRI population. This strategic move is anticipated to bolster Nuvama's growth aspirations within the region’s leading financial hub.

Nuvama Private's new DIFC office represents a significant step in its mission to offer comprehensive wealth management solutions to a diverse and growing client base in the Middle East .