Bank of Singapore to Increase Staff to Manage Wealth of Overseas Indians

first_imgBank of Singapore, a private banking arm of Oversea-Chinese Banking Corporation (OCBC Bank), is hiring more staff for its Dubai branch as the lender seeks to cater to Indians and the other affluent clients in the region.Recruitment of about 20 relationship managers is on the cards, according to Vikram Malhotra, the bank’s global market head for South Asia and the Middle East, Bloomberg reported. Most of the additions will be based in Dubai while some additions will be made in Singapore and Hong Kong too.As an offshore destination for Indian wealth, Dubai is second only to Singapore, according to a Capgemini report that was released in November. About 22 per cent of their overseas assets went to the Southeast Asian country in the second quarter, while Dubai and London got 14 per cent and 13 per cent, respectively.The Dubai branch of the Bank of Singapore, which serves as the regional financial hub, opened in February and has about 45 wealth managers. “Dubai will be the hub, where we will cover the MENA region and Western side,” Bahren Shaari, the chief executive told Reuters in an earlier interview. At its opening, the bank was targeting an annual growth of assets of more than 20 per cent.The total wealth in the Middle East grew 5 per cent last year to $2.4 trillion, as per estimates from the consultancy Capgemini SA. Bank of Singapore has seen a “phenomenal growth in the assets under management” in the Middle East and from wealthy overseas Indians this year, Malhotra added.Indian expatriates sent the maximum amount of remittances – totaling to Dh15.46 billion — back home from the United Arab Emirates from January to September 2017, according to UAE Central Bank figures released earlier this month.The UAE also emerged as the most sought-after destination for 14 out of 40 wealthiest Non-Resident Indians, according to this year’s Hurun Report. Micky Jagtiani of the Landmark Group and MA Yusuf Ali of the Emke Group, who were ranked the second and third wealthiest Indian immigrants on the list, are residents of the UAE, with fortunes worth Rs 347 billion and Rs 319 billion, respectively. Related ItemsGulfSingaporeUAElast_img read more

Should You Take a Sabbatical?

first_img Learn More Before you take a sabbatical, it’s important to decide whether or not it’s the right time to do so. In general, it helps to be established enough in your career that you can pick right back up from where you left off, but not so senior that you would be missing out on game-changing opportunities. It can also be easier to take a sabbatical before you have certain responsibilities, like dependents or a home.Lia Saunders, owner of the travel blog Practical Wanderlust, shared how she knew the timing was right to take a sabbatical: “I don’t have dependents and I’m able to save money and take a year off — the time is perfect. I didn’t want to be on my deathbed wishing I’d traveled more and worked less. And I knew if I let myself wait until later, later might never come,” she said. “So I set myself a deadline when I started my career right out of college. I gave myself five years to get my career to a place I could leave and come back to without having to start over. Then, I committed to taking the leap, and did it!”If you’re not sure whether or not the timing is right, ask yourself these questions:Do I feel secure in my desired career path?Would taking an extended amount of time off set me back? If so, could I recover from it? Do I have any dependents? If so, will I be able to care for them when I’m not working?Are there any other obligations tying me to my current work and life situations? There isn’t one correct reason to take a sabbatical — people from all walks of life, in all stages of their careers and from all different circumstances take sabbaticals. Some of the more common reasons include:Wanting to travelWanting to take a break or rechargeWanting to spend time with familyWanting to give back or volunteerWanting to train for a new careerWanting to pursue a journey of self-discoveryThe extended time off that sabbaticals provide is a great way to explore the options above. Alternatively, you could also consider taking an extended vacation, requesting a more flexible schedule or going on medical or FMLA leave — it’s all up to you, and what you think is best for your life and your career. Think About Timing Evaluate Your Finances While there are many considerations worth taking into account before deciding to go on a sabbatical, there are undoubtedly benefits to it as well. Many of those who have taken sabbaticals come to treasure the memories they’ve made traveling, volunteering or pursuing their personal passion projects. Some simply take the time off to relax or take care of personal matters, which leaves them feeling refreshed and ready to take on new challenges at work upon their return. Others use the time to prepare for an entirely new line of work, honing the skills they need to secure their dream jobs. And still others emerge from a sabbatical with a more profound understanding of who they are and what they want out of life.“If your spirit is crying for change, and you just don’t know what that next step looks like, taking time off to simply ‘be’… to meander a while and follow your curiosities… can be incredibly renewing and insightful,” said Kim McCabe, U.S. Public Relations Lead + Brand Champion at G Adventures. “It’s only when we step off the treadmill that we can sometimes notice the subtleties on the side of the road.”center_img Common Reasons for Taking a Sabbatical Of course, you can’t take a sabbatical without thinking about how it will affect your finances. If you work for a company that offers a paid sabbatical — lucky you! — you’ll be able to continue earning a steady stream of income for however long your company policy dictates. If not, though, you’ll have to carefully reflect on your current financial state. Ideally, you should have a comfortable amount of savings already built up that won’t be completely depleted by a lack of income and expenses incurred during your sabbatical. To make sure you’re on solid financial footing, ask yourself these questions:Do I have enough money saved up to go without a steady income for a certain period of time? What will my daily/weekly/monthly budget look like while I’m on my sabbatical?Is there a way I can make money during my sabbatical? If so, how much can I reasonably expect to make?How much money do I want to have left over by the end of my sabbatical? Benefits of Taking a Sabbatical 14 Companies Offering Sabbaticals & Hiring NowHow to Talk to Your Boss About Taking a Sabbatical5 Ways to Overcome a Career Slump7 Reasons You Need to Schedule Vacation Time Now14 Cool Companies With Unlimited VacationHow to Spot Burnout Before It’s Overtaken Your Life3 Times It Makes Sense to Take a Career Risk12 Companies Hiring Now That’ll Pay You To Travel the World7 Affordable Cities Where Digital Nomads Can Live, Work & Save Money15 Companies With The Best Parental Leave Policieslast_img read more