Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has introduced a new banking proposition within its Priority Banking segment, to cater to its elite and affluent Priority Banking clientele.
The strategic launch of Emirates NBD’s new Priority Banking proposition is a direct response to the rise of the UAE as the new hub for the ultra-wealthy. According to a report by management consultancy Boston Consulting Group, 41% of the UAE’s wealth in 2021 was derived from ultra-high-net-worth individuals (UHNWIs) and this share is expected to grow to 43% in 2026. The invite-only proposition aims to offer an enhanced banking experience that matches the specific needs and objectives of ultra-wealthy customers maintaining an average balance of AED 7 million across deposits and investments.
Commenting on the announcement, Yousuf Saeed Mohd, Senior Vice President, Head of Priority Banking and Retail Wealth Management at Emirates NBD, said: “As the UAE fast emerges as the destination of choice for ultra-wealthy individuals from across the world, we see this as an opportunity to support the advanced banking needs of this segment. This has encouraged the launch of our new niche, highly personalised value proposition, Signature by Priority Banking, created taking into careful consideration the preferences, lifestyles and expectations of our elite and affluent Priority Banking customers.”
He added, “As a leading bank in the UAE established over 60 years ago with operations across the MENAT region, we have a unique understanding of the wealth needs of UAE nationals and expatriates alike. This reach and legacy gives us the advantage to develop products and services tailored to meet the tastes and preferences of our customers across segments. Signature by Priority Banking offers our Priority Banking customers an enriched banking experience with tailored solutions, distinguished lifestyle benefits and a customised consultative approach, staying true to Emirates NBD’s customer-centric philosophy.”
The bank’s strategy behind launching the new priority banking proposition is to provide its elite customers increased value and an exceptional banking experience with a suite of distinctive tailored services, privileges and pricing benefits. Signature by Priority Banking clients will have access to the new Visa Infinite Debit card with superior benefits, coveted lifestyle-enriching features including a premium design with exclusive artwork by award-winning calligraphy artist and designer Wissam Shawkat.
Signature customers will have access to a Senior Relationship Manager dedicated to understanding their personalised banking needs, as well as a dedicated Senior Wealth Advisor to offer rich, deep insights for investment and financial planning requirements. In addition, they will have access to a host of products and service including Emirates NBD’s in-house derivative trading system, Lombard lending, offshore asset placement, foreign exchange solutions and much more.
Beyond superior banking services, Signature by Priority Banking clients will also enjoy complementary membership to the Quintessentially Lifestyle Concierge Service offering a comprehensive range of benefits including business and leisure travel itinerary management, priority reservations at restaurants around the world, dedicated personal shopping and fashion experts, on-demand charter hire and rental and much more.
