Kuwait-based Burgan Bank has been given preliminary approval by the Capital Markets Authority (CMA) to operate a wealth management service.
The bank has been issued a licence that will be valid for six renewable months.
It means that Burgan Bank can offer clients investment advisory, unregistered securities brokerage, and investment portfolio management services.
The bank has established a wealth management team to operate the new services.
According to Hameed Abul, chief private banking and wealth management officer, the next step for the bank is to fulfil the CMA requirements needed to secure a three-year renewable licence.
Several overseas firms have bolstered their wealth management and private banking offerings in the region in recent months, with both HSBC and Swiss firm Julius Baer expanding their respective teams.
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