Mashreq Private has won the prestigious accolade of ‘Outstanding Private Bank: Middle East’ at the Private Banker International (PBI) Global Wealth Awards 2022.
To be eligible as a Mashreq Private client, one must maintain relationship greater than USD 1 million. Half of Mashreq Private’s ultra or high net worth individual (U/HNWI) clients hold over AED30m+ (US$8.17m), while 5% possess AED 50m+ (US$13.61m) with diverse geographies around the world: 40% non-resident and 60%residents are in the United Arab Emirates (UAE). A quarter are Western expats, 25% UAE nationals, 25% Arab, and 15% from the Indian sub-continent, with other expats making up the rest.
Additionally, a ‘golden visa’ helpdesk is available to assist clients apply for UAE’s 10-year visa. Further, we also offer accounts in Egypt and the Middle East, offshore options and value-added services w.r.t trust and inheritance, family office and more. The personal touch is invaluable to understand the clientele’s diverse needs and cultures. Mashreq Private has an extensive team of certified relationship managers (RMs), qualified investment and insurance specialists, foreign exchange (FX) specialists and client service managers offering bespoke wealth structuring, planning, legacy planning, and lending, to name a few. Our staff are highly experienced, with 40% of Private Bankers having decades of experience, ensuring human touch is never forgotten.
Technology
At Mashreq we align personal touch with digitally enhanced, easy to access solutions. Mashreq Private has a robust and integrated wealth management platform offering end to end solution for range of Investment products including Equities, Bonds, Mutual Funds, Certificate of Deposits, Structured Products.
This improves relationship manager’s efficacy , ensuring superior customer experience (CX). It also enhances bank’s ability to serve its diverse client base, giving them access from wherever they are in the world. For example, clients can now trade local and international equities across 32 markets and access 150,000 funds via their wealth management (WM) platforms.
The use of open Application Programming Interfaces (APIs) help consolidate multiple systems on the new wealth management platforms providing seamless connectivity and value-added services, such as automated chart provision and enhanced portfolio analytics. Our fintech partners like Comarch and FinIQ are offering improved client interface and portfolio reporting capabilities. While clients who want to keep their investments offshore can now more easily do so via Open IT Architecture investment platforms that connect to trust structures out of Bermuda and Guernsey, aiding long-term wealth transfer and estate planning.
The IT architectural approach adopted at Mashreq Private encourages:
Customer-centric channel design: Built inhouse these are client self operated, mobile & online banking and assisted channels via Relationship managers leveraging SAAS based components, enabling seamless and consistent customer experience across all touchpoints
Cloud Infrastructure: All new applications are setup on flexible, secure and elastic cloud infrastructure enabling innovation through on demand processing power and throughput. Migration of existing applications to cloud in being done in phased approach
DevOps & Microservices architecture: In order to deliver fast and high-quality changes to customer experience channels Mashreq Private has leveraged automated deployment and testing on loosely coupled microservice architecture backed by an API driven integration to enable flexibility and speed
Finally, Thanks to its corporate and investment banking arms, Mashreq Securities and the Mashreq Capital division at the Dubai International Financial Centre (DIFC), Mashreq Private can easily structure products that cater to the individual and unique needs of its HNWI clients present in the UAE and anywhere across the globe – as one bank.