A UAE bank is offering new services as it targets ultra-wealthy customers in the country.
Emirates NBD will introduce Priority Banking segment for the most affluent customers in the UAE, with deposits and investments of AED7m ($1.9m).
The Emirates NBD Priority Banking proposition is a direct response to the rise of the UAE as the new hub for the ultra-wealthy.
UAE banking for ultra-wealthy
According to a report by Boston Consulting Group, 41% of the UAE’s wealth in 2021 was derived from ultra-high-net-worth individuals (UHNWIs) and this share is expected to grow to 43% by 2026.
The invite-only proposition aims to offer an enhanced banking experience that matches the specific needs and objectives of ultra-wealthy customers maintaining an average balance of AED7m ($1.9m)across deposits and investments.
Yousuf Saeed Mohd, Senior Vice President and 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.”
He added: “As a leading bank in the UAE established more than 60 years ago with operations across the MENAT region, we have a unique understanding of the wealth needs of UAE nationals and expatriates alike”.
The bank’s strategy behind launching the new priority banking proposition is to provide its elite customers increased value and an exceptional banking experience with a suite of distinctive tailored services, privileges and pricing benefits.
Signature by Priority Banking clients will have access to the new Visa Infinite Debit card with superior benefits, coveted lifestyle-enriching features including a premium design with exclusive artwork by award-winning calligraphy artist and designer Wissam Shawkat.
Signature customers will have access to a Senior Relationship Manager dedicated to understanding their personalised banking needs, as well as a dedicated Senior Wealth Advisor to offer rich, deep 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, foreign exchange solutions and much more.
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