UNB's Private Banking & Wealth Management Office and refurbished Salam Branch inaugurated
H.E Ahmed Saeed Al Badi, Director of the Board of Union National Bank, today inaugurated a dedicated office for the bank's Private Banking and Wealth Management Division, which has achieved significant growth over the past three years.
Al Badi also inaugurated UNB's refurbished Salam Street Branch, which is co-located with the Private Banking and Wealth Management Office at the bank's headquarters in Abu Dhabi. The inauguration ceremony was attended by UNB board members, UNB's CEO Mohammad Nasr Abdeen, senior management, invited guests and the national media.
UNB's Private Banking and Wealth Management Division has expanded considerably since its establishment in July 2005. The division now comprises of the Capital Markets Department in charge of investment banking and the Asset Management Department which oversees Mutual Funds and High Net worth portfolios. The bank had previously established a subsidiary, Union Brokerage Company, and the International Brokerage Department, to manage the growth in private banking.
"The concept of private banking and wealth management has caught on in the UAE and the region. There is a growing realization that the UAE and the Middle East are creating new wealth by wisely investing the returns on oil resources and by encouraging entrepreneurship. We are now creating a new generation of wealthy people and millionaires who will find the UNB private banking experience very rewarding," Galal Khadr, Head of UNB’s Private Banking & Wealth Management Division, said.
Khadr said the Private Banking and Wealth Management Division offers dedicated and personalized relationship managers to advise and help high net worth individuals achieve their investment objectives. "We focus on investment products such as mutual funds, customized equity portfolios, structured products, and local and international brokerage services. The feedback to our private banking initiatives over the past three years has been very positive," he said.
Noting that local and regional investors are becoming increasingly sophisticated in choosing their portfolios and vehicles, Khadr said: "Our challenge is to be able to come up with the right products on the one hand, and to tailor-make portfolios for the really investment-savvy customers. We have already proven our credentials in this market as providers of sound investment advice and as a trusted partner."
Khadr said UNB now has private bankers in Abu Dhabi, Al Ain, Dubai as well as Northern Emirates. "Private banking and wealth management is relatively new in this part of the world, but the GCC region is one of the strongest among the emerging markets for this kind of service. We are making a difference in this market by using our knowledge of the local culture, local markets and customer priorities," he added.
