BLME moves into the Shariâ€™ah-compliant private banking business
Bank of London and The Middle East (BLME), the UK Shari’ah-compliant wholesale bank, has confirmed that it will be extending its Wealth Management division with the launch of a fully Shari’ah-compliant private banking business.
BLME said its private banking arm will provide Islamic finance solutions to assist high net-worth individuals, entrepreneurs and their corporations in the UK, Europe and Middle East with their banking and investment management requirements.
Leading the launch will be Adrian Gayler, the newly appointed Head of Private Banking, who joins BLME from Merrill Lynch International Bank. Adrian will be based in BLME’s new private banking offices in Mayfair, London with the already established specialist Wealth Management team.
Humphrey Percy, Chief Executive Officer at BLME, said, "We have devoted the past two years to developing robust foundations for BLME’s business and we are now in a prime position to capitalise on the demand we have seen for a dedicated Shari’ah-compliant Wealth Management offering, with the launch of our private banking business.
“Despite difficult financial market conditions we see this as an opportune time to launch a private banking business. High Net Worth Individuals are increasingly concerned about preserving their wealth and will be looking for counsel and best-of-breed services and solutions, which BLME will offer to clients.”
Adrian joins BLME from Merrill Lynch International Banking Limited, where he was Vice President, Global Wealth Management, responsible for the delivery of Wealth Management solutions and high quality service to High Net Worth Individuals and Institutions in the Middle East, Europe and the UK.