Middle East, North Africa and Turkey-based banking group Emirates NBD has created a wealth offering to cater to its ultra-high-net-worth client segment.
The launch is a direct response to the rise of the UAE as the new hub for the ultra-wealthy. According to a report by management consultancy Boston Consulting Group, 41% of the UAE’s wealth in 2021 was derived from ultra-high-net-worth individuals and this share is expected to grow to 43% in 2026.
The invite-only proposition aims to serve the needs and objectives of ultra-wealthy customers maintaining an average balance of AED7m (£1.5m, $1.9mm, €1.7m) across deposits and investments.
Signature customers will have access to a senior relationship manager dedicated to understanding their personalised banking needs, as well as a dedicated senior wealth adviser to offer insights for investment and financial planning requirements.
In addition, they will have access to a host of products and service including Emirates NBD’s in-house derivative trading system, Lombard lending, offshore asset placement and foreign exchange solutions.
Yousuf Saeed Mohd, senior vice president, head of priority banking and retail wealth management at Emirates NBD, said: “As the UAE fast emerges as the destination of choice for ultra-wealthy individuals from across the world, we see this as an opportunity to support the advanced banking needs of this segment.
“This has encouraged the launch of our new niche, highly personalised value proposition, Signature by Priority Banking, created taking into careful consideration the preferences, lifestyles and expectations of our elite and affluent priority banking customers.”
