Riyad Bank won Outstanding Private Bank for Growth Strategy at the virtual Private Banker International (PBI) Global Wealth Awards 2022 for the way it is targeting female and NextGen HNWI clients in the Kingdom of Saudi Arabia (KSA) and providing appropriate relationship manager training to deliver on its strategy, garnering it a Highly Commended accolade for its Outstanding RM Training & Development Programme.
Women are estimated to control around a third of the world’s total private wealth, according to Riyad Bank’s analysis and they are also inclined towards greater loyalty and advocacy of their trusted financial advisors. That is why females are a key part of Riyad Bank’s private banking client acquisition and retention strategy in KSA, reflecting the fact that global wealth demographics have been going through seismic shifts in recent times.
The rise of UHNW millennials, either inheriting or earning wealth in the tech or other traditional and emerging sectors, is equally as significant and forms another key part of Riyad’s growth plans.
Building relationships with this current generation of millennials, and with their children, will be crucial as the population in KSA is noticeably young. The growth strategy also includes:
Single Family Offices (SFO): This consolidated service caters for Riyad’s wealthiest clients through providing exceptional wealth management offering with a broad range of solutions and capabilities.
International Reach: Riyad Bank is utilizing its international branches in London, USA and Singapore to stay close to its UHNWI clients and provide the unique experience is aspired by them.