This is a sharp acceleration from 2016, which saw only 3.5% growth of this population, reflecting more favorable conditions for wealth creation, despite volatile geopolitics.
The investment from Investcorp will provide PB with additional support to advance its growth strategy, enabling the bank to further broaden and enhance its commercial offering to clients, it stated.
The new choices of the menu will be introduced gradually, commencing with the route from Doha to Perth, Sydney and Adelaide, with Melbourne being the immediate next destination to include the brand new delicacies.
An announcement about the split, dubbed “Project Momentum,” could come as early as this week, the people said.
Lewis Allsopp, CEO of Allsopp & Allsopp, attributes this to two reasons - affordability and mentality.
“I have been to Riyadh, I met the head of SAMA [the Saudi Arabian Monetary Authority], I made the application myself,” Reuters quoted Thiam as saying in response to a query made during a news conference.
The Q3 2018 Compass report kept a tactical overweight position in Developed Markets Equities, with the preferred developed region to invest in being Continental Europe, and with some exposure to Japan to enhance diversification.
According to the BCG report, personal wealth in the Middle East region rose 11 per cent to US$3.8tn in 2017, a significant increase compared with the CAGR for the previous five years.
The acquisition is conditional on, inter alia, regulatory and competition authority approvals and is expected to complete by Q1 2019.