Nuvama Private, the private banking arm of India-based Nuvama Wealth Management, has started operations in Dubai to leverage the wealth of the Indian diaspora.

The wealth management firm, which manages $22 billion in client assets, expects to begin operations in Singapore in the next quarter, Bloomberg reported, quoting president Alok Saigal.

“Dubai and Singapore are central pillars of our proposition to give access to the India opportunity,” he told the news agency.

Nuvama Private’s offshore business will likely account for almost a quarter of revenue and profit in the coming three to five years, the report said.

Dubai’s free trade zones are becoming a base for Indian businesses trading consumer goods, steel and other commodities, Saigal said.

These businesses have set up their family offices for offshore wealth in Dubai, a “big pool for us”, Bloomberg reported, quoting Saigal. 

(Editing by Seban Scaria seban.scaira@lseg.com )