Dubai’s financial advisory company DeVere Group has bought St Lucia’s Arton Bank with an intention to get into private banking. The company, which has been beefing up its presence in the Arabian Gulf in recent years, will enter the crowded private banking market at a time when low oil prices have slowed down the pace of high networth individuals in the region. The company said the private bank will not be operating in the UAE. A spokesperson of the company said the acquisition will enable it to offer a range of international private banking services directly to its global client base who seek an efficient, internationally focused service. DeVere did not disclose how much it had paid for the bank. There are more than 60 private banks operating in the Arabian Gulf and most of them are based in Dubai.
