Global Private Banking Awards 2015: Winners’ Profiles – National Winners (Middle East)

Best Private Bank in Turkey

Akbank Private Banking

Akbank believes its business model sets it apart from rivals. “High net worth clients have exceptional and sophisticated requirements,” explains Didem Bağrıaçık, private banking senior vice president. “Akbank Private Banking understands the needs, expectations, and risk profiles of these clients and provides them with a wide range of structured products through different markets.” In Turkey the bank is the only service provider which has its own strategy and investment team, who as well as executing trades with “the best possible price and timing”, also provides general advisory services exclusively to private banking clients, claims Ms  Bağrıaçık.

In the light of this strategy, last year initiatives focused mostly on private sector bond issues, she explains. These products are for private banking customers who invest in fixed income securities but are also willing to take risks up to a specific level. Last year, Akbank took part in 14 bond issues with a $150m (€133m) nominal amount purchased by its clients.

“One of our new business models for attracting clients was building the sales management team in our headquarters,” says Ms Bağrıaçık. “Their ‘hunt’ enabled us to reach a significant number of new clients, although equally important were referrals from existing customers and special offers such as ‘member begets member’ campaigns.”

Communication with current and prospective clients is managed both face-to-face and through other channels. “We got together with our clients via exclusive events like special trips, global VIP events, art exhibits and projects with luxurious brands,” she adds.

Akbank Private Banking focuses on core values of its target audience and “emotional benefits” of private banking. It considers personal wealth not as an individual quality belonging purely to the present. To ensure its sustainability for future generations, it began a ‘Next Generation Programme’, providing clients’ children aged 17 to 22 with know-how on responsibility of wealth, risk terminology, reputation, and general banking. CJ

Best Private Bank in Saudi Arabia

SABB Private Banking

Riyadh-based SABB – the Saudi British Bank – an associated company of the HSBC Group, saw a fall in client numbers as the bank continued its de-risking exercise whereby clients who were not suited to the private banking operation where shifted into other segments of the business. This practice was initiated in the last quarter of 2013, but in 2014 the decision was made to run this as a quarterly practice.

In 2014 the private banking unit was integrated within the wealth management operation, which was designed to give clients wider access to SABB’s branches, technology and services.

There is a growing focus on Sharia products and services at the bank, with clients encouraged to adopt Islamic banking. These products now make up 69 per cent of asset under management, and over the last year SABB has launched Sharia-compliant structured deposits, sukuks and mutual funds. Through HSBC Saudi Arabia, SABB launched the first Sharia-compliant commodity fund.

SABB considers Sharia investments to be a form of socially responsible investing and also identifies private placement opportunities in areas such as education and healthcare for its clients. ES

Best Private Bank in the United Arab Emirates

National Bank of Abu Dhabi

The National Bank of Abu Dhabi (NBAD) Private Banking has won the best private bank in the UAE award for the fourth consecutive year.

Over this period, during which it has stepped up its efforts to become “the reference private bank for the Arab world”, NBAD has implemented initiatives to get closer to its clients by providing new investment solutions over a range of diversified platforms. It has also prioritised attracting top talent, expanding its international footprint by developing a hub-and-spoke approach with multi-booking centres, and developing international investment competence. This global approach has prompted the unification of private banking businesses across four geographical areas – the United Arab Emirates, Egypt, the UK and Switzerland – into one global team.

“We believe our clients’ satisfaction is the key to long-term success for our business and look upon our clients as our best brand ambassadors to recommend NBAD within their personal network,” says Ashraf Mazahreh, NBAD’s head of private banking UAE.

A new initiative named ‘Influencers’ and ‘Strikers’ focuses on the nine service principles on how investors ‘Think, Do and Be’. These initiatives reflect an investment in client journeys, aiming to ensure staff have a positive impact on customers, while being able to display their pride and passion.

“We grow and protect our clients’ wealth by tailoring our products to ensure they are competitive, aligned to the needs of clients and delivered efficiently,” he says.

“To achieve our goals, we are in the throes of investing in wealth management IT solutions and technology across our global network, to ensure seamless integration between front, middle and back-office activities while regularly monitoring turnaround times and service standards.” CJ

Best Private Bank in Bahrain

Best Private Bank in Oman

Ahli United Bank

The Gulf Cooperation Council (GCC)  region is strategically well placed to grow in the coming years as a formal trade and tourism hub, as it prepares to host the World Expo in 2020 in Dubai and the World Cup 2022 in Qatar. The boom in GCC has shielded the economy from volatility in an otherwise challenging post-2008 world.

Economic growth and the adoption of global compliance standards in family run businesses has led to increased demand for wealth management capabilities by second generation entrepreneurs. Ahli United Bank (AUB) has been growing its presence  in Bahrain, the UK, Kuwait, Egypt, Oman, Iraq, Libya, Kuwait, and Saudi Arabia. It also has a 50:50 partnership in L&G Gulf and plans to launch a UAE franchise out of Dubai International Financial Centre (DIFC) with a target to establish fully-fledged banking businesses in Saudi, Turkey and Switzerland.

AUB firmly believes asset management services with a proven track record are a key component of success and introduced open architecture via Allfunds Bank in 2010, working towards “best-in-class” advisory services by tying up with globally recognised external advisors, such as  Mercer and Morningstar.

Many of the bank’s product launches are a result of client requirement discussions conducted by relationship and product development teams.

In Oman, the bank seeded its flagship, Al Hilal Mena Fund in July 2013, to present multi-asset investment advisory services. The fund’s performance has delivered “superior returns” to clients in the region, claims the bank.

AUB UK has set up real estate fund management services for its regional client base.

“We pride ourselves on providing our high net worth clients with the cross border reach and capability they seek, thanks to our long-established presence in London as well as in key Mena markets, combined with the personalised attention and trusted advisory they expect from their local private bankers,” says Prakash Mohan, group head at AUB. 

He highlights the 21-months-ahead-of-schedule sale of assets held by the AUB UK Student Accommodation fund, which generated an equity multiple of 1.8 (average IRR of 25 per cent per annum),  a testament to the bank’s on-the-ground understanding and expertise in sourcing assets and good return investments for clients.  CJ

Best Private Bank in Lebanon

Audi Private Bank

With Middle Eastern investors somewhat sceptical and reluctant to trade difficult markets, brokerage fees have unsurprisingly decreased. Yet Bank Audi Private Bank says it has maintained its profitability by closely monitoring costs and using expertise in the Lebanese and Mena markets to propose specific instruments as an alternative to investing in “disruptive international markets”.

One of the bank’s main focuses this year is to enhance customer service and transparency by applying new strict regulatory rules.

The Bank Audi group created its private banking business line in 2014 under the name of Bank Audi Private Bank (BAPB).  Through the synergy between its private banking sister entities in Switzerland, Lebanon and the Gulf region, Bank Audi Private Bank’s mission and vision are to offer its clients access to all markets and instruments as well as real estate and trust services.

“Despite complex financial markets in 2015, Audi Private Bank has continued to deliver high quality investment services, staying in close touch with our clients and offering them tailored investment strategies,” says Toufic Aouad, APB’s general manager. “We are confident the private bank is well positioned to capture future growth in Lebanon and the region, thanks to our profile of international standards coupled with local insights.” CJ