Private Banking & Wealth Management

During the year, private banking and wealth management were experiencing increased competition - regionally and internationally, from existing banks and new participants including Islamic and conventional institutions, general market volatility and declining interest rates.

Against this background, significant progress was achieved in attaining new clients across the region, broadening our client base through Group acquisition, extending our offering through the introduction of innovative products and enhancing market coverage by team expansion and an efficient sales approach.

In addressing both the regional and wider requirements of our client base, we implemented the total relationship concept throughout our various private banking centres which compared successfully with the narrower focus of larger international competitors. While the marketing team within the Gulf completed wealth management certification, we expanded our strategic alliances in asset management and maintained the highest standards in regulatory compliance and best practice. In addition, a fully functional product offering in wealth management was successfully introduced to clients of AUB (Egypt).

In support of these activities, human resources in the different Private Banking centres were enhanced by new, highly qualified relationship managers while staff qualifications and capabilities were further strengthened by conducting intensive training courses and certification.

A range of new products, both structured and tailored, were launched as well as two real estate funds and other funds that offered clients a wider range of opportunities in different sectors, geographies and markets.

The focus going forward will embrace further enhancement to the wealth management package by providing diversified and innovative ranges of products, upgrading the service quality level and working with key partners to develop a warehousing capability and more Shari’a-compliant funds.