Established in 1967, Mashreq Private Bank has international reach with a presence in nine countries and strong Middle Eastern representation in Egypt, Bahrain and Kuwait, alongside its core UAE market. It serves high-net worth individuals domestically and HNWIs from across the world who look to the UAE as an offshore center. Its experienced staff, expertize and product, mutual and investment fund platforms, saw it recognized as the Outstanding Private Bank: Middle East at the virtual PBI Global Wealth Awards 2021.
Thanks to its corporate and investment banking arms, Mashreq Securities and the Mashreq Capital division at the Dubai International Financial Centre (DIFC), the private bank can easily structure products that cater to the individual and unique needs of its HNWI clients in the UAE or abroad – as one bank. The Private Bank (PB) has conventional and Islamic Sharia options, spanning different asset classes, instruments, and geographies to suit all clients’ needs and the constant demand for highly diversified portfolios. Approximately 50% of clients come from the UAE and the Middle East region, with the rest mainly spread across Asia, Europe, and elsewhere.
The key performance indicators (KPIs) for Mashreq PB during its last full accounts last year, were:
Assets under Management (AuM): US$3.7 billion
Private Bankers: 31
Number of Clients: 1,500
Income fees: US$50 million
Digitally active base: 78%
Prior investments in good technology has led to the impressive digital usage figure among its client base and high digital participation from employees, with numbers rising all the time.
Diversified portfolios are achieved by access to well stocked and diverse product, mutual and investment fund platforms. The latter has over 25 global partners and more than 250 regulatory approved investment fund aggregated offerings via Mashreq’s entire operation, plus customized income portfolio solutions, alongside systematic investment plan (SIP) and execution capabilities across 150,000 funds. It is all backed by Private Bank people and tools designed to tailor solutions to meet clients’ specific needs and wealth goals. The mutual funds platform gives access to a wide array of strategies and structures that meet induvial risk and return preferences.
The Private Bank offers insurance products, wealth structuring and accounts for day-to-day money access. Lending, often via property rental options or trade finance, is also a key offer from the entire organization. It can contribute towards working capital business requirements. Additionally, there is a Lombard lending platform link.
The revamped Mashreq PB Products & Solutions platform offers in-house modelling of portfolios and a diverse array of fixed maturity plans, overdrafts against properties, and alternative structured solutions.
The experience of staff, with 40% of Private Bankers having been there for decades, and strong career development plans in place for the 25% who’ve been there for between two to five years, mean that the human touch is never forgotten either. Certified relationship managers (RMs), foreign exchange (FX) and other specialists ensure a comprehensive and deep service.
The revamped Mashreq PB Products & Solutions platform offers in-house modelling of portfolios and a diverse array of fixed maturity plans, overdrafts against properties, and alternative structured solutions.