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Wealth planning and brokerage excellence have solidified RBC’s position in Canada’s private banking sector, driving growth and client loyalty

In 2023, the global wealth management sector demonstrated resilience amid market volatility, with high-net-worth individual (HNWI) wealth increasing by 4.7% to $86.8tn, according to the World Wealth Report 2024 by France’s Capgemini.

Despite challenges, the sector has continued to thrive, driven by growing demand for personalised financial services and wealth planning. RBC Wealth Management (RBC WM) has capitalised on its industry-leading position, enhancing its private banking offerings and securing a top market share across various high-net-worth (HNW) client segments. This has served to ensure the bank’s clients continue to benefit from exceptional wealth management services even in uncertain times.

Achievements

A subsidiary of Royal Bank of Canada, RBC WM has positioned itself as the leading private bank and wealth manager in Canada, holding the top market share across multiple HNW client franchises.

In 2023 and 2024 to date, RBC’s notable accomplishments included:

• Full-service brokerage dominance: RBC Dominion Securities (RBC DS) maintained its status as the market leader, with over C$500bn ($369.7bn) in assets under administration and serving more than 325,000 households. RBC DS captured a 26% market share of the full-service brokerage industry’s AUA, more than double that of its closest competitor. Additionally, it achieved the highest overall rating by investment advisers for the 18th consecutive year in Canadian trade publication Investment Executive’s 2024 Brokerage Report Card.

• Market leadership in private banking: RBC’s private banking division led the market among the Big Six private banks in Canada, with a 32% revenue market share, 35% deposit balance market share and 28% loan balance market share.

• Comprehensive wealth planning: RBC Family Office Services provided unparalleled expertise in financial, retirement, tax, estate and trust planning. The team’s integrated approach ensured that all clients received bespoke wealth management solutions.

Impact and results

The strategic initiatives undertaken by RBC in 2023 and 2024 have yielded impressive outcomes. Key performance indicators include:

• Revenue growth: RBC WM reported a revenue increase to C$17.5bn ($12.9bn) in FY2023, an 8% rise from the previous year.

• Asset management excellence: RBC WM’s assets under management (AUM) increased by 6.4% to C$1.2tn ($887.3bn) in FY2023, reflecting the trust clients place in RBC’s investment capabilities.

• Client and adviser satisfaction: RBC DS’s consistent top ratings by investment advisers underscore the firm’s commitment to providing high-quality products and support tailored to HNW clients.

The broader implications of these achievements are profound. RBC WM’s leadership in private banking not only enhances the financial wellbeing of its clients but also contributes significantly to the stability and growth of the broader financial ecosystem. The bank’s ability to adapt and innovate ensures it remains at the forefront of the wealth management industry.

Conclusion

RBC WM’s achievements in private banking over the past year underscore its unwavering commitment to excellence and innovation.

The bank’s strategic initiatives and client-focused approach have cemented its position as the leading private bank and wealth manager in Canada.

As the bank looks to the future, it remains dedicated to continuous improvement and innovation, striving to meet the evolving needs of its clients as well as maintain its leadership in the global wealth management arena.

A transformative year marked by strategic agility and strong financial performance in the face of a dynamic market environment

As high-net-worth individuals (HNWIs) seek to diversify their investment portfolios, asset management services have grown in importance, accounting for a nearly 40% share of the private banking market in 2023, according to the Global Market Insights consultancy. This trend reflects a broader industry movement towards offering tailored financial strategies and investment options that align with individual client needs.

Luxembourg-headquartered Quintet Private Bank has navigated these trends successfully by enhancing its investment capabilities through strategic partnerships and focusing on operational efficiency, thereby setting a strong foundation for future growth.

Achievements

The year 2023 was a landmark one for Quintet, characterised by robust financial performance and strategic advancements. One of the key achievements was the bank’s strategy refresh and an eight-quarter transformation programme aimed at fostering growth and operational efficiency. This initiative stemmed from the need to enhance organisational agility and client services amid a competitive and dynamic market.

Quintet undertook a series of measures to streamline operations and improve decision-making processes. This included reducing management layers, which expedited decision-making and improved client experience. Moreover, the bank introduced standardised and digitised processes to offer customers the flexibility to connect through their preferred channels. This approach was complemented by a clear growth agenda focusing on retaining and attracting clients.

A notable aspect of Quintet’s strategy was the emphasis on front-office excellence through training programmes and the adoption of a data-driven approach to analyse customer activities. These measures were designed to enhance the quality of services and client satisfaction, ensuring the bank remained competitive.

Impact and results

The outcomes of these initiatives have been significant. Quintet recorded a net profit of €46.9m ($52.5m) in 2023, a remarkable increase from €18.1m in 2022. Total group income rose by 15% to €602.4m, supported by a favourable interest-rate environment, while group expenses remained stable. This resulted in an improved cost-to-income ratio of 86.7%, down from 94.1% in the previous year.

The bank also saw an increase in total client assets, which stood at €92bn at the end of 2023, up 6% from the previous year. This growth reflects upticks in both private banking assets under management and institutional assets under custody. Furthermore, Quintet’s Basel III common equity tier 1 ratio improved to 19.6%, well above the regulatory threshold, demonstrating the bank’s strong capital position.

Quintet also forged notable partnerships in 2023, such as the collaboration with US investment, advisory and risk management solutions provider BlackRock to enhance its investment capabilities and client proposition. The introduction of multi-manager undertaking for collective investment in transferable securities (UCITS) funds and a digital investment platform through a partnership with Berlin-headquartered private equity investing platform Moonfare provided its clients with advanced investment tools.

Conclusion

Quintet Private Bank’s achievements in 2023 highlight the importance of strategic agility, client-centric approaches and robust financial management in the private banking sector. The bank’s transformation and growth initiatives have positioned it well for sustained success. Its commitment to continuous improvement and innovation, reflected in its long-term goals and strategic partnerships, has set a strong foundation for future growth.

Bespoke financial solutions and strong investment banking capabilities are driving entrepreneurial growth in a competitive market

As the private banking industry evolves, the demand for personalised financial solutions that cater to the unique needs of entrepreneurs has surged. High-net-worth individuals (HNWI) increasingly seek services that not only manage their wealth but also support their business ventures.

This trend is particularly pronounced in the ASEAN region, where economic growth and rising wealth have created a fertile ground for entrepreneurial success. In response to these developments, Maybank Singapore has enhanced its private banking offerings, focusing on delivering tailored financial solutions that empower entrepreneurs to achieve their business objectives.

Achievements

Maybank Singapore’s commitment to serving entrepreneurs is evident in its robust investment banking capabilities and the development of innovative financial products.

One of the standout achievements in 2023-24 has been the successful implementation of its Total Return Equity Swap facility in partnership with the Equity and Common Derivatives Group. This facility has provided clients with the necessary capital to fund their business ventures, ensuring they are well-positioned to take advantage of market opportunities.

Another significant achievement is the bank’s collaboration with Maybank Sekuritas Indonesia to assist clients with Initial Public Offerings (IPOs) and private placements. This partnership has not only facilitated the growth of entrepreneurial ventures but has also helped clients restructure their businesses for greater efficiency and profitability. The bank’s ability to provide tailored credit and financing solutions, including REPO financing and bridging loans, has further solidified its reputation as a trusted partner for entrepreneurs.

Impact and Results

Maybank Singapore’s bespoke financial solutions have had a far-reaching impact, contributing to the success of numerous entrepreneurial ventures.

For instance, the Total Return Equity Swap facility has enabled clients to secure the capital needed to expand their businesses and increase their market share.

The bank’s collaboration with Maybank Sekuritas Indonesia has resulted in the successful completion of several high-profile IPOs, generating significant new assets for clients and boosting their market presence.

Maybank Singapore’s tailored credit solutions have also had a positive impact on client satisfaction and business growth.

The flexibility and responsiveness of the bank’s offerings have empowered entrepreneurs to navigate complex financial landscapes and achieve their strategic objectives. The bank’s role in facilitating cross-border transactions and investments has further enhanced its appeal to HNW individuals seeking to expand their operations in the ASEAN region.

Conclusion

Maybank Singapore’s achievements in the past year reflect its unwavering commitment to providing innovative and customised financial solutions for entrepreneurs.

Through strategic partnerships, robust investment banking capabilities and a deep understanding of its clients’ unique needs, the bank has positioned itself as a leader in private banking.

As Maybank Singapore continues to build on its successes and explore new opportunities for collaboration, it remains dedicated to empowering entrepreneurs and driving business growth in the ASEAN region.

Strategic cross-border economic collaboration and tailored financial solutions are positioning Singapore as a hub for entrepreneurial private banking

In the dynamic landscape of private banking, the ability to adapt and cater to the unique needs of entrepreneurs has become increasingly critical.

The rise of new economic hubs and the demand for bespoke financial solutions have placed significant pressure on banks to innovate and provide tailored services. With the growing wealth segment in Asia, private banks must leverage their regional expertise and service offerings to meet the complex demands of high-net-worth individuals (HNWI) and business owners.

In this context, Maybank Singapore has emerged as a leader in private banking, particularly in supporting entrepreneurs with customised financial solutions that foster business growth and expansion.

Achievements

Maybank Singapore has strategically positioned itself as a trusted financial partner for entrepreneurs by leveraging its universal banking licence and the extensive network of Maybank Group across the ASEAN region.

One of the key achievements in 2023-24 has been the establishment and expansion of its Variable Capital Company (VCC) structure. This innovative offering, spearheaded by Maybank Asset Management, allows entrepreneurs to transfer and house their assets efficiently, providing a flexible and tax-efficient vehicle for managing their wealth.

Additionally, Maybank Singapore has taken significant strides in offering bespoke structured credit solutions, such as Single Share Financing (SSF) and Single Asset Financing (SAF), which are tailored to the specific needs of entrepreneurial clients.

The bank has also made substantial progress in supporting cross-border business connections through its involvement in the Johor-Singapore Special Economic Zone (SEZ) initiative. By facilitating such trade and investment opportunities, Maybank Singapore is playing a pivotal role in enhancing economic collaboration between Johor and Singapore. This initiative not only creates expansion opportunities for businesses but also addresses critical issues such as talent and labour shortages in the region.

Impact and Results

The impact of Maybank Singapore’s initiatives has been profound, particularly in terms of client satisfaction and business growth.

The VCC structure has attracted a growing number of high-net-worth (HNW) entrepreneurs seeking efficient ways to manage and grow their assets. This, coupled with the tailored credit solutions offered by the bank, has empowered clients to seize market opportunities and achieve financial goals.

Maybank Singapore’s involvement in the Johor-Singapore SEZ has further strengthened its position as a key player in fostering cross-border economic collaboration.

By leveraging its regional expertise and strong network, the bank has successfully positioned itself as a go-to partner for entrepreneurs looking to expand their businesses in the ASEAN region.

The creation of high-value-added jobs and the enhancement of business collaboration between Johor and Singapore are testament to the bank’s strategic foresight and commitment to driving economic growth.

Conclusion

Maybank Singapore’s strategic initiatives to support entrepreneurial growth through innovative and customer-centric solutions have set a new benchmark in the industry. As the bank continues to expand its offerings and deepen its collaboration with key stakeholders, it is well-positioned to lead the way in private banking for entrepreneurs.

The Thai bank has introduced innovative strategies and exclusive services aimed at promoting economic stability and societal development

The private banking sector has undergone significant changes in recent years, driven by global economic uncertainties, evolving customer expectations and the rising importance of sustainable investments.

High-net-worth individuals (HNWIs) are increasingly seeking personalised wealth management solutions that ensure the growth and preservation of their assets across generations. In 2023, the private banking market was valued at $477.3bn, with an expected growth rate of 10% annually from 2023 to 2032, according to the Global Market Insights consultancy. Despite challenges such as geopolitical tensions, inflation and market volatility, the sector continues to offer substantial opportunities for growth and innovation.

Thailand’s Kasikornbank has been at the forefront of addressing these needs with innovative strategies and exclusive services aimed at promoting economic stability and societal development.

Achievements

In 2023, the bank made significant strides with its ‘Perfect Wealth, Perfect Future’ initiative, aimed at ensuring the sustainable management and growth of wealth for HNWIs. This programme was developed in response to client concerns about wealth continuity and the need for sophisticated wealth management solutions that align with global trends and market movements.

The initiative revolves around four key pillars: risk-based allocation, alternative investments, sustainability and family wealth planning services. The pillars were designed to address various aspects of wealth management, ensuring a balanced and holistic approach to customer needs.

Impact and results

The risk-based allocation technique has been a cornerstone of Kasikornbank’s strategy. By systematically adjusting investment portfolios based on asset risk levels rather than expected returns, this approach has provided stable returns even in volatile markets. In addition, a partnership with Swiss bank Lombard Odier has been crucial in enhancing Kasikornbank’s wealth management offerings, particularly through the development and launch of investment strategies such as the K-ALLROAD series.
This collaboration has allowed KBank Private Banking to offer its clients access to Lombard Odier’s global expertise, particularly in risk-based asset allocation and sustainability-focused investments.

The partnership with the Swiss bank has also led to the introduction of funds that provide stable returns across various market conditions, reflecting Kasikornbank’s commitment to navigating economic volatility while maintaining long-term growth and stability for high-net-worth clients.

Alternative investments have also played a crucial role in enhancing returns. The introduction of funds such as the United Private Equity Fund 1 (UPREQ1-UI) and the China Private Equity Fund has allowed clients to benefit from assets that are less affected by market volatility, providing a stable income stream.

Sustainability has been another focal point for Kasikornbank, with investments in funds such as K Planetary Transition (K-PLANET) and MFC Renewable Energy Fund (MRENEW) gaining traction. Moreover, the successful hosting of the ‘Rethink Sustainability: A Call to Action for Thailand’ event highlighted the bank’s commitment to environmental and social governance, drawing significant attention and participation from global and Thai leaders.

Family wealth planning services have been expanded to include the Family Office and Family Reconciliation Service, addressing common concerns around family wealth management and succession planning. These services have been well-received, making Kasikornbank the first local financial institution in Thailand to offer such comprehensive solutions.

Conclusion

Kasikornbank’s achievements in 2023 demonstrate its commitment to innovative and sustainable wealth management solutions.

The ‘Perfect Wealth, Perfect Future’ initiative has successfully addressed the diverse needs of HNWIs, ensuring wealth preservation and growth through strategic investments and services.

Looking forward, the bank remains dedicated to continuous improvement and innovation, with plans to further integrate technology into its services and expand its offerings to meet evolving client needs.
This forward-thinking approach has optimally positioned Kasikornbank to navigate future challenges and continue delivering exceptional value to its customers.

Innovative products, strategic regional expansion and client-centric approaches are driving Itaú Unibanco’s success in navigating a challenging economic landscape

Global economic growth is expected to remain modest, with the IMF projecting a rise of just 3% in 2024, largely due to persistent inflation and ongoing geopolitical tensions. This challenging environment is placing pressure on financial institutions to adapt their strategies to maintain client satisfaction and market share.

Against this backdrop, Brazil’s Itaú Unibanco is taking proactive measures by leveraging artificial intelligence (AI) and expanding its regional presence, ensuring it not only meets but anticipates the evolving needs of its private banking clients.

Achievements

Itaú Unibanco’s private banking division made substantial strides in 2023, particularly through the reorganisation of its advisory team and the introduction of innovative products.

Recognising the diverse needs of its clientele, the bank developed 17 distinct client profiles based on criteria such as market knowledge, life stage and engagement levels. This meticulous profiling allowed it to allocate its specialists more effectively, ensuring tailored services and enhanced client satisfaction.

One of the standout initiatives was the creation of a pioneering credit product specifically designed for the high-income segment.

The ‘Renovation and Construction Financing’ product addresses a previously unmet need in the market, enabling clients to finance up to 100% of their construction and renovation projects. This product not only prevents decapitalisation but also aligns with clients’ cash flow needs, reflecting Itaú’s deep understanding of the financial planning requirements of its customers.

Impact and results

The impact of these initiatives has been profound. The reorganisation of Itaú Unibanco advisory team has led to a more personalised client experience, contributing to a 10-point increase in the bank’s Net Promoter Score (NPS) since 2022, surpassing the excellent level.

This improvement in client satisfaction is a testament to the effectiveness of the bank’s tailored approach and the strategic use of AI in understanding customer profiles and preferences.

The ‘Renovation and Construction Financing’ product has been equally successful, resulting in a nearly 20% increase in net credit income between 2022 and 2023. Despite the challenging economic environment, clients have expressed high levels of satisfaction and loyalty, recognising the added value this product brings.

Furthermore, the bank’s strategic expansion into the Northeast and South regions of Brazil has already shown an increase in the market share there compared to 2022, illustrating the success of its regional growth strategy.

Conclusion

Itaú Unibanco’s achievements in the private banking sector underscore the importance of innovation and strategic planning in navigating today’s complex financial landscape.

By anticipating client needs and offering tailored solutions, the bank has not only improved client satisfaction but also enhanced its market competitiveness.

Itaú Unibanco remains committed to continuous improvement and innovation, with its track record suggesting a steadfast dedication to leveraging technology and strategic insights to serve its clients better.

As the bank celebrates its centenary, the focus on dynamism and renewal promises a future where customer relationships and financial excellence remain at the forefront of its operations.

By integrating AI-driven wealth management and real estate advisory services, Hana Bank has solidified its leadership in delivering tailored services in a volatile financial landscape

In the rapidly evolving landscape of private banking, the ability to offer highly personalised and innovative services has become essential. As the global financial markets face increasing volatility, banks are under pressure to provide solutions that not only protect client wealth but also enhance it sustainably. Recent trends indicate a shift towards more comprehensive and digitalised wealth management services, with clients demanding tailored offerings that cater to their unique needs and circumstances. According to industry reports, the global private banking sector has seen a 5% increase in demand for digital wealth management solutions in 2023 alone, driven by the growing number of high-net-worth individuals (HNWIs) seeking more control over their investment strategies.

Against this backdrop, Seoul-headquareterd Hana Bank has demonstrated remarkable foresight and agility in adapting to these market trends. The bank has introduced several innovative solutions to deliver personalised and high-quality services to its private banking clients, solidifying its position as a leader in the sector.

Achievements

In 2023 and 2024, Hana Bank took significant strides in enhancing its private banking offerings, focusing on three key areas: comprehensive portfolio management, digital wealth management and specialised family office services.

Recognising the increasing complexity of its clients’ needs, the bank launched the Hana Real Estate All Care Solution in the first quarter of 2024. This integrated advisory service, developed in collaboration with industry leaders in space management and AI-based prop-tech, provides clients with end-to-end consulting on real estate operations, development and sales.

This initiative was particularly well-received, offering clients the benefits of increased operating income and tax-saving strategies. In parallel, Hana Bank intensified its focus on diversified portfolio management, responding to the higher volatility of global financial markets.

By consistently monitoring investment products and suggesting monthly portfolio rebalancing strategies, the bank ensured that its clients’ portfolios remained resilient and aligned with their risk preferences. Notably, the introduction of split-purchase exchange traded funds (ETFs) allowed clients to engage in split purchases during price dips and achieve stable returns even in turbulent market conditions.

Hana Bank also made significant advancements in digital wealth management. The bank’s AI-driven wealth management platform, AI Wealth, launched in March 2023, has achieved considerable success.

By the end of 2023, the platform had attracted $279m in AI-managed investments and 115,000 subscribers. This service provides clients with hyper-personalised portfolio management, leveraging big data analysis to forecast market trends and suggest optimal asset allocations.

Impact and Results

The impact of these initiatives has been substantial. The Hana Real Estate All Care Solution has not only enhanced client satisfaction but also positioned the bank as a leader in real estate advisory services.

The success of the split-purchase ETF programme further cemented the bank’s reputation for innovation in portfolio management, offering clients stability and growth opportunities despite market fluctuations. The remarkable growth of the AI Wealth platform, with its significant client base and managed assets, underscores the effectiveness of the bank’s digital strategy. These achievements have broader implications for both the bank and its clients. Hana Bank has also expanded its client base by offering tailored solutions that meet the diverse needs of HNWIs. The bank’s emphasis on personalised and digital services has also contributed to increased client loyalty and satisfaction, setting a new standard in the private banking sector.

Conclusion

Hana Bank’s achievements in 2023 and 2024 illustrate its ability to anticipate and adapt to the shifting landscape of private banking. By leveraging AI and hyper-personalisation, the bank not only strengthened client engagement but also positioned itself at the forefront of digital transformation. Its comprehensive approach to wealth management, blending human expertise with advanced technology, reflects a clear understanding of client needs in a volatile market. These efforts show that Hana Bank is not just responding to current trends but actively shaping the future of private banking through innovation and strategic foresight.

Mashreq Bank has been adjudged MENA Private Bank of the Year at the regional Banking Excellence Awards 2022 for customer-first approach, curated solutions, and digital capabilities.

With its strong presence in the six nations of the Gulf Cooperation Council (GCC) and along with several other facilities across the globe, bank is poised to provide services to clients based anywhere With its digital capabilities, the bank has created processes and solution that are nuanced, efficient, and can holistically meet the needs of their customers. For example, the bank’s digital platform lets clients trade equities, foreign exchange (FX), and commodities offering thousands of securities across multiple exchanges. However, it is important to note that while Mashreq’s Private Bank offers the basic ‘hygiene’ factor of multiple investment products, it also offers much more as it’s allied to execution capabilities across 32 markets and 150,000 funds on local and international equity markets.

Bespoke services such as Private placements, real estate financing, wealth structuring, legacy planning are provided by the bank. Mashreq Private Bank also opened the region’s first comprehensive family office with an aim to holistically cater to the multiple needs of their unique clients. This specialized unit helps families grow and preserve their wealth for posterity. A range of solutions are offered such as funding, wealth generation, protection, and advisory. It provides a single stop solution with access to in house teams from treasury & capital markets, Investment banking and corporate banking.

Mashreq’s Private banking service also hosts a dedicated Golden Visa desk that can assist clients for the UAE’s Golden Visa nomination, which allows foreign nationals to live, work and conduct business in the UAE without requiring a national sponsor if they meet certain criteria. End-to-end assistance is available to its esteemed clients in this regard.

This customer-first approach with a focus on delivering best-in-class services and global products in the most intuitive and seamless manner is what gives the bank an edge over others, and why it was adjusted winner for the prestigious award.

BNP Paribas has been present in the Middle East since the early 1970s. It now has its regional wealth management (WM) headquarters for Middle East & Africa in the Dubai International Financial Centre (DIFC), and serves more than 900 clients through its experienced bankers located across Dubai, Geneva, Luxembourg and Riyadh.

BNP Paribas WM was awarded “Best Private Bank: UAE” at the virtual Middle East & North Africa (MENA) Banking Excellence Awards 2022 for its long-standing presence in the region and success of the platform over the past years, supported by the bank’s global capabilities and enhanced client engagement.

BNP Paribas WM is the largest private bank (PB) in the Eurozone with EUR421 billion of assets under management (AuM), 6,800 professionals and presence in 19 countries. Middle East remains the growth market for BNP Paribas WM, with the AuM risen by 50% since 2018 and ambitious targets set for 2022-2025. BNP Paribas WM benefits from the One Bank integrated approach, which is at the heart of its value proposition.

Its relationship managers (RM) are backed by a team of experts who personalize and adapt BNP Paribas Group’s solutions to meet client’s specific needs and key life events. In the region, WM MEA clients particularly appreciate BNP Paribas’ Real Estate and Credit capabilities.

Its strategy is paying off, as strong client satisfaction is evidenced both through regular client satisfaction surveys and the increase in number of clients who are trusting BNP Paribas with their assets.

BNP Paribas WM has been at the forefront of the integration of the Sustainability and Positive Impact themes in investments and finance, supporting clients in their impact journey. Along with the Clover sustainability rating for each investment solution, BNP Paribas WM has also developed myImpact , a digital tool focused on helping clients discover their impact profile and facilitate the allocation of part of their portfolio towards investments or donations compatible with the UN’s Sustainable Development Goals.

BNP Paribas WM continues structurally evolving their digital and technological platform to ensure proximity to the clients. Bank provides access to a raft of digital solutions, such as myWealth , enabling to clients monitor their wealth at any time, to easily make transactions, and to express their opinions and needs.

Qatar Development Bank (QDB) won the Excellence in Crisis: Client Services Middle East accolade at the virtual Middle East & North Africa (MENA) Banking Excellence Awards 2022, held on 23 June, for the National Response Guarantee Program (NRGP) they administered in response to Covid-19 under the auspices of the government to help the private sector (i) survive, (ii) revive & (iii) thrive after the pandemic.

The Emir of Qatar provided financial and economic incentives amounting to QR75 billion Qatari Riyals (US$20.6bn) to help those in the private sector impacted by the global economic chaos unleashed by Covid-19. The relief program was designed to support firms working capital, including salaries (furlough) and rent.

Qatar Development Bank (QDB) was assigned to launch and administer the Qatari National Response Guarantee Program (NRGP) in cooperation with the Ministry of Finance and the Ministry of Commerce and Industry, and coordinate all banks operating in the country, which were allocated guarantees by QDB at an amount of QR5 billion (US$1.37bn) to disseminate funds down to local businesses that needed it the most.

NRGP ran from April 2020 until September 2021 with four extensions to cope with the evolving situation and sector specific assistance for hard hit areas like construction. It supported:

over 4,743 companies,
covering the salaries of over 425,000 employees
equivalent to 35% of the total workforce.
The loan guarantees were structured with the principal fully covered (100% guarantee) and the interest during the 1st and 2nd year grace period paid by the government through QDB, while the 3rd and 4th years come with a subsidized interest rate paid by companies.

QDB ran more than 20 webinars, workshops, and Q&A sessions for participating banks to brief them on the program. The bank also set up a dedicated online portal (B2B) with banks and customer hotline to get feedback and resolve any bottlenecks during the fast rollout of the program.

QDB’s structured its approach to help firms survive the immediate Covid-19 crisis, then revive and thrive after the pandemic with new skills learnt during the interlude.

(i) Survive: The survive aspect of the program was delivered in multiple tranches to help small-to-medium sized enterprises (SMEs) quickly get the practical help they needed. QDB itself:

Delayed loan repayments: for SMEs without interest fees or charges for nine months. This also included a nine-month exemption of rental fees for QBIC (one of QDB subsidiaries) which is a state-of-the-art business incubation center that helps entrepreneurs start or grow their business.

Special exemptions for tenants: were granted for various QDB owned and operated real estate units – namely Al Furjan Markets, which offer SMEs spaces in commercial complexes, as well as the Jahiz1 and Jahiz2 factory sites, which allow owners with innovative industrial, or food and beverage projects, to lease ready-to-operate manufacturing facilities.

Situation Room & other help: was unveiled to help manage supply chain issues for SMEs and provide virtual training for entrepreneurs to help them navigate this uncharted environment. A hackathon was also held to crowdsource and attract innovative solutions in response to the crisis, and a comprehensive accessible guide was produced by QDB.

(ii) Revive: training was essential to ensure the long-lasting sustainability of SMEs and the private sector, so this aspect of the program offered access to specialized advisory services and a financing scheme to overcome business challenges. The idea was to turn a crisis into an opportunity by using the downtime to retrain for growth and development.

(iii) Thrive: this phase supported reinvention by encouraging SMEs to digitalize and adopt future industry 4.0 norms through catered advisory and financing products.

A subsequent survey showed that 77% of beneficiaries from the private sector would have gone out of business without the NRPG. The revive and thrive aspects of the program will hopefully ensure strong growth in the future as the bounce back begins.