Middle East banking industry on the rise

As some areas of the world struggle to recover from economic crisis, the Middle East has been holding steady as an echelon of financial stability. The banking industry there is set to see even more improvements, Gulf News forecasted, as more firms also seek out new workers.

Coutts and Company recently hired a number of private investment bankers to bolster its numbers at its Dubai office, the source wrote. As the wealth management branch of the Royal Bank of Scotland (RBS), the firm is currently under talks to join with Nationwide, Reuters reported, showing that the business feels it has a lot of growth potential.

"I expect that the Middle East will continue to grow faster than for instance Europe," said Rory Tapner, Coutts & Co's CEO, in an interview with Gulf News. "We're trying to do now more business with existing local clients and expand our local client base."

The move to recruit more investment bankers in the Middle East comes at the same time that RBS is acquiring new leadership in the United States. Asset Servicing Times wrote that the firm just appointed a new head of prime services in Connecticut, potentially with the intention of growing that market as well.