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Middle East, North Africa and Turkey-based banking group Emirates NBD has launched a wealth service to cater to the needs of its ultra-high net worth client base.
The launch is a direct response to the rise of the UAE as a new hub for the ultra-wealthy. According to a report by management consultancy Boston Consulting Group, 41 percent of the UAE’s wealth will come from ultra-high-net-worth individuals in 2021, a proportion that is expected to grow to 43 percent by 2026.
The invitation-only offer is designed to meet the needs and goals of ultra-wealthy clients, who maintain an average balance of AED 7 million (£1.5 million, $1.9 million, €1.7 million) in deposits and investments.
Signature clients will have access to a Senior Relationship Manager dedicated to understanding their individual banking needs, as well as a dedicated Senior Wealth Advisor to provide insights into investment and financial planning requirements.
In addition, they will have access to a range of products and services including Emirates NBD’s in-house derivatives trading system, Lombard lending, offshore asset allocation and foreign exchange solutions.
Yousuf Saeed Mohd, Senior Vice President and Head of Priority Banking and Retail Wealth Management, Emirates NBD, said: “With the UAE fast becoming the destination of choice for the world’s ultra-wealthy, we see this as an opportunity to support the segment’s premium banking needs.
“This has encouraged us to launch a new niche, highly personalized value proposition, Signature by Priority Banking, created with careful consideration of the preferences, lifestyles and expectations of our elite and affluent Priority Banking customers.”
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