Emirates NBD (ENBD) Private Banking (PB) won the Outstanding Non-Resident (NRI)/Global Indians Offering at the Private Banker International (PBI) Global Wealth Awards 2022, held virtually in October, for its dual coverage model serving clients including NRIs in the United Arab Emirates (UAE) and globally via offshore centres in Singapore, London, Mumbai and the Kingdom of Saudi Arabia (KSA), with team members now added to serve NRI clients from the subcontinent based in Africa. New investment products helped ENBD PB secure the win in the NRI category and its wider offering garnered a HC: Highly Commended trophy for Outstanding Private Bank: Middle East for its results and enhanced digital and family offering.
Emirates NBD Private Banking has deepened its relationship with the family offices of renowned UAE families and on-boarded new ultra and high-net worth individuals (U/HNWIs) to achieve a 100 per cent year-onyear (YoY) growth in sourcing during the first quarter of 2022, as part of its focus on higher value customers and organic growth.
It has not forgotten its other customers, however, with digital tools, advice and services on tablets, mobiles and voice ensuring 58 per cent of customers were digitally active last year, up 5 per cent YoY. Digitalisation was further evidenced by 686 webinar attendees, up 72 per cent YoY, signing up to hear ENBD’s first quarter advisory message this year that a ‘tactically reactive’ investment approach was best for 2022 rather than a proactive one. This was due to the accurately predicted volatile year coupled with war, rising interest rates, Covid-19 induced supply chain issues still evident, rising oil prices, currency volatility and other factors all impacting economic performance.
Revenues are 8 per cent ahead of last year in 2022 for ENBD PB and fee income ratios are continuing their upward curve, which allied to a best-in-class cost to income ratio has delivered strong financial results and a PBI Awards commendation in the Middle-East. New launches in recent years, such as the Emirates Signature Funds of Funds, have also contributed to its success.
Comprehensive Non-Resident Indian service
The NRI segment, which represent 60 per cent of the large expatriate population in the UAE, was especially well served by ENBD PB, ensuring its win in that category. The addition of two new team members covering Kenya, Tanzania and Uganda meant that client numbers in East Africa have gone up considerably, now representing 30 per cent of the client base. They join a Middle-East and North Africa (Mena) team of 14 RMs and three investment advisors, as part of ENBD PB’s Global South Asian Business (GSAB) unit.
Support from the chief investment office (CIO) team and execution desks in Dubai and Singapore, which can access listed capital markets and over-the-counter (OTC) instruments globally via specialist traders familiar with dark pools of liquidity and algorithmic trading, further bulks out the comprehensive NRI offering. London adds further investment and offshore options, with Jersey providing next generation wealth transfer and trust funds, allied to the local services in the three Saudi Arabia offices in Jeddah, Riyadh, and Khobar. The Mumbai head office back in India offers high yield deposit, transfer and other options to those that want to repatriate money.
All RMs and advisors are trained and certified via the online Candriam Academy to offer sustainable and responsible investment options. To address GSAB clients’ preference towards income generating fixed income vehicles, ENBD PB broadened its investment products to include specific mutual funds and bonds, with some allocation into equities. For example, fixed income mutual funds and leveraged deposits in partnership with select Indian banks have proved popular, providing an enhanced AED/USD currency-based return to NRI clients. For those with aggressive investment risk profiles, a derivatives trading platform is available, although present volatility means this is only for the brave.
Tailored wealth plans and trust options complete the package, with brokerage, asset management, advisory and ancillary services all rolled together to offer outstanding private banking. A Net Promoter Score (NPS) of 65 in 2022 proves its customers are happy.