Emirates NBD, a leading banking group in the United Arab Emirates (UAE), has announced the launch of its Priority Banking segment. This new offering targets the most affluent customers in the country, with deposits and investments of AED7m ($1.9m) or more. The invite-only proposition aims to provide an enhanced banking experience that caters to the specific needs and objectives of ultra-wealthy customers.
The Emirates NBD Priority Banking proposition is in direct response to the UAE’s emergence as a hub for the ultra-wealthy. According to a report by Boston Consulting Group, 41% of the country’s wealth in 2021 came from ultra-high-net-worth individuals (UHNWIs), and this share is expected to grow to 43% by 2026. With the rising number of UHNWIs, Emirates NBD sees an opportunity to provide advanced banking services to this segment.
Yousuf Saeed Mohd, Senior Vice President and 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.” The Priority Banking offering will provide exclusive benefits, including personalized wealth management advice, access to premium banking services, and tailored investment solutions.
With the launch of Priority Banking, Emirates NBD joins other banks in the UAE that have launched similar offerings in response to the increasing demand for specialized services for ultra-wealthy clients. The new service is expected to further solidify Emirates NBD’s position as a leading provider of personalized banking services in the UAE.