Emirates NBD recognised by Euromoney as best provider of private banking services in UAE

Press release

Published March 17th, 2014 - 10:28 GMT

Al Bawaba

Emirates NBD, a leading bank in the region, announced today that it had been named the “Best Local bank – United Arab Emirates,” in the 2014 annual Euromoney Private Banking and Wealth Management Survey. The survey, which classifies professional wealth management service providers according to international, regional and country-wise criteria, has named Emirates NBD Private Banking as the best local bank in the UAE in the area of wealth management.

Euromoney’s annual survey is a much-awaited publication across the industry, and provides a qualitative and quantitative review of the best services in private banking, by region and areas of service. In developing the ranking of the top private banks, the survey takes into consideration factors such as assets under management, profitability, ratio of clients to relationship managers, and services offered.

“Personal financial assets have witnessed considerable growth in recent years, and nowhere is this more apparent than in the emerging economies of the MENA region. Consequently, there has been increasing focus on providing world class investment-focused services to individual and institutional investors,” said Suvo Sarkar, General Manager – Retail Banking and Wealth Management, Emirates NBD. “In addition to providing clients world class investment advisory services on par with international standards, Emirates NBD Wealth Management offers the value-added advantage of in-depth knowledge of the region. We are proud to have been recognised in Euromoney’s annual survey, since this is a significant acknowledgment of our capabilities.”

Emirates NBD Private Banking is an essential component of the bank’s Wealth Management Division, which also includes Emirates NBD Asset Management, Emirates NBD Securities. Launched in 2009 as part of the merged Emirates NBD, the Private Banking division has emerged as a dominant player in the region and has been recognised at various international forums.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.