- To expand its wealth management presence in the United Arab Emirates (UAE), a major banking group has unveiled a new offering for ultra-high net worth (UHNW) individuals.
- The service is designed to tailor solutions to the specific needs of UHNW individuals in the UAE, providing them with a comprehensive suite of services to help them manage their wealth.
- The offering includes access to various solutions, including private banking, estate planning and trust services.
Emirates NBD, a banking organisation in the Middle East, North Africa and Turkey, has crafted a wealth management service to serve its UHNW customers.
The launch has been initiated in response to the UAE's burgeoning status as a hub for the extremely wealthy.
A report from Boston Consulting Group indicates that in 2021, 41% of the UAE's wealth was derived from UHNW individuals. This is projected to increase to 43% by 2026.
Emirates NBD’s new service will cater to the desires and goals of customers with an average deposit and investment balance of AED 7m (£1.5m). It will be limited to select individuals.
Signature customers can benefit from a senior relationship manager tailored to their individual banking needs and a senior wealth adviser to provide investment and financial planning advice.
The introduction of a new wealth offering for UHNW individuals in the UAE would likely have a positive effect on international money transfers.
This offering would provide wealthy individuals with access to more secure and efficient ways to move their money around the world, making it easier and faster to transfer funds to other countries.
This could increase the number of people using online money transfers and reduce the UAE's remittance cost.
Furthermore, customers of Emirates NBD will be able to take advantage of its in-house derivative trading system, Lombard lending, offshore asset placement and foreign exchange services.
Yousuf Saeed Mohd, Senior Vice President, Head of Priority Banking and Retail Wealth Management at Emirates NBD, remarked that the company was prioritising the needs of its wealthiest customers.
He claimed that Emirates NBD’s new proposition was “created taking into careful consideration the preferences, lifestyles and expectations of our elite and affluent priority banking customers”.
The company is confident that the UAE will continue to be a popular destination for people of extreme wealth worldwide.
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