Global Private Banking Awards 2020: Winners’ Profiles – National Winners (Middle East and Africa)

Best Private Bank in Bahrain;
Best Private Bank in Kuwait
Ahli United Bank B.S.C.

Ahli United Bank (AUB) has developed a strong presence in the Middle East and North Africa region, with 148 branches across Bahrain, Kuwait, Egypt, Oman, Iraq, Libya and the UAE, as well as in the UK.

Access to the group’s extensive geographical footprint has provided significant opportunities for the bank’s private banking division in sourcing cross-border business, commercial opportunities and investment flows, resulting in growth in both client base and assets under management.

The bank’s strategy continues to focus on expanding its wealth management services and investment product offering, ongoing investment in technology, and on attracting and retaining the best talent to build long-lasting relationships with clients.

“Our people are crucial to our success, and as such, we want to attract, employ and retain the best people in the industry, making AUB the place people want to work,” says Mark Hirst, deputy group CEO, private banking and wealth management at AUB.

In 2019, the bank developed and launched an e-learning academy, customised for its private banking team, to make sure relationship managers have the right skills for their roles and remain at the forefront of their industry. “We strongly believe in the need to build a strong talent pipeline and a deep pool of resources is important for the bank and for our clients,” he adds.

Information and cyber security are an integral part of AUB’s IT capabilities. Last year, the bank expanded its cyber threat monitoring capabilities by implementing an advanced security monitoring system. “We are focused on optimising security technologies, to prevent both traditional and new generation threats,” Mr Hirst says.

During the Covid-19 outbreak, AUB conducted a review of its operations to assess the extent to which they were reliant on human intervention and find out which transactions could be automated. “In the future, the business-as-usual vs business continuity plan methods of operation will become obsolete. Both have merged to create a new flexible framework which can be adapted in all conditions. This is a significant step forward in terms of changing the existing practices and will further strengthen our agility as a bank,” he adds. PG

Best Private Bank in Mauritius
AfrAsia Bank

The creation of a dedicated wealth management department, the expansion of its talent pool, with recruitment of “key and knowledgeable” private bankers, as well as the upgrade of existing systems and processes, were some of the key initiatives that helped improve client service at AfrAsia Bank, which attracted significant net new money last year.

These initiatives have translated into more tailor-made and innovative banking and investment solutions, enhancing risk and cost transparency, explains Thierry Vallet, general manager at AfrAsia Bank in Mauritius.

The institution has also launched a ‘premium service hub’ providing rapid service for the daily banking needs of HNW individuals, while in-house experts now offer daily market updates, covering key investment ideas and themes.

Over the past two years, the bank has also introduced various initiatives to boost employee satisfaction, improving areas such as ‘trust in senior leadership’, ‘employee recognition’, ‘training and development’ and ‘pay and benefits’, reaching an employer net score of 80 per cent and greatly increasing its employee engagement score, which was one of lowest among local companies in 2018.

AfrAsia targets both local and international HNW and UHNW individuals, with a preference for south and east Africa, as well as European residents on the international side.

“AfrAsia is first and foremost a bank created by entrepreneurs, for entrepreneurs,” explains Mr Vallet. Since entrepreneurs have complex requirements that change over the lifecycle of their businesses, they often need guidance on both personal and business assets.

“A deep understanding of our clients’ needs has enabled us to combine our key strengths in both private and corporate banking to deliver a holistic solution. This is what our clients value.” ET

Best Private Bank in Nigeria
Standard Bank Wealth and Investment

Standard Bank Wealth and Investment’s geographical footprint extends across Africa and Europe, with offices in South Africa, Nigeria, Ghana, Mauritius, Uganda, London and Jersey.

The bank offers clients holistic solutions to meet their on- and offshore financial planning needs. These include a comprehensive range of investment products, from execution-only stockbroking to advisory services, and from fund solutions to discretionary asset management.

Its wealth management philosophy centres on managing, growing and protecting the generational wealth of its clients and their families. Its value proposition is built around a ‘wealth quotient’ concept, designed to identify unique client requirements to cater for every stage of life.

Building on this concept, the bank has implemented its insight-led ‘challenger’ sales model, which provides clients with solutions that are directly applicable to them, and unique to their immediate personal and family wealth needs.

Ongoing investment in technology has led to the introduction of a number of digital innovations, such as the launch of the My360 app. The app provides a consolidated view of a client’s entire financial life across more than 20,000 global financial institutions, from one touch point.

“Clients can track and access asset, liability and risk cover regardless of the institution, geography or the insurer where accounts reside,” explains Busola Jejelowo, head, wealth and investment, at Standard Bank in Nigeria. “We have a few more digital innovations in the pipeline which we look forward to rolling out in the near future.”

In response to the Covid-19 crisis, and at the onset of the initial government-led lockdowns, the bank introduced a raft of relief measures for both retail and business clients to assist with mitigating the impacts of the pandemic. “We maintain open lines of communication with our clients and stand ready to assist where necessary,” she adds. PG

Best Private Bank in Oman
Bank Muscat

As the economies of Oman and the GCC region continue to transition to become less oil-dependent, the private banking sector is having to adapt to the requirements of a new generation of clients, with different sources of wealth.

Bank Muscat is geared up to respond to the changing needs of new businesses and clients. A focus on closer engagement with customers, new client acquisition, and the scaling up of digital channels to accommodate customer transition from physical channels, were the key drivers behind the bank’s growth in 2019.

The bank offers a diversified suite of products and services to clients spread across geographies and asset classes, including equities, fixed income, mutual funds and alternatives. Although client investment portfolios still favour fixed income instruments, the current low yield environment has resulted in a greater need for diversification.

“Customers are looking to diversify their portfolios towards gold, international equities and real estate as low interest rates are expected to prevail in the near future,” says Abdulnasir Al Raisi, deputy general manager, premier banking. “ESG is being selectively looked at by a few investors, however diversification in asset classes as mentioned previously is what is being followed by most investors.”

During the Covid-19 outbreak, the bank continued operating in shifts to support all customers and their transactions, while simultaneously helping customers to adapt to digital channels faster.

“Covid-19 did bring a stop to normal business activity in the economy and also the bank’s business. As the economy gets back into revival mode, the bank is handholding customers in terms of restructuring their loan repayments, to accommodate the disruption in cash flows in certain businesses,” he adds. Looking forward, and as the region’s economy continues to evolve, Mr Al Raisi expects the bank to be “a key pillar in the sustained growth of Oman’s economy in the coming decade”. PG

Best Private Bank in South Africa
Investec

Despite confining its physical operations to the UK and South Africa, Investec’s brand resonance means it remains attractive for many clients with an international outlook.

“Our bases in the UK and South Africa give us the right developed and emerging market footprint, launchpad and outlook to be able to understand and service clients from different jurisdictions,” says Henry Blumenthal, chief executive of Investec Wealth & Investment.

More than some regional competitors, it has attached great priority to understanding and engaging with a new generation of clients.

“Our approach to the young professional and millennial market focuses on two broad strategies – positioning and awareness of the Investec brand and, secondly, acquisition of new clients,” says Mr Blumenthal.

“We have evolved our qualifying banking criteria to ensure that we target a diverse range of careers that are now attracting young people. Our goal is to put this group ahead of their peers through relevant content that speaks to their life stage, aspirations and values, as well as superior banking that would not typically be available to them.”

This segment, he says, is much more sceptical and critical of brands, demanding authenticity, transparency and diversity. “We believe that purpose-driven brands resonate far higher with a younger base and, as such, they aren’t necessarily loyal to a product but rather associate with what the brand represents.”

As a private bank, Investec is keen to attract young professionals who share the characteristics of existing clients.

“We believe that Investec is an aspirational, but never an unattainable, brand and a trusted partner for young South Africans looking to start their journey to wealth creation,” says Mr Blumenthal. YB

Best Private Bank in Turkey
Akbank Private Banking

Founded in 1948, Akbank is one of the largest players in the Turkish banking sector. In 2018, the private banking division joined forces with Ak Asset Management and Ak Investment, to provide private banking and investment services under the name Akbank Private Banking and Wealth Management.

In order to adapt the latest developments in digital technology for wealth management, Akbank has redesigned its processes. Its new business model is reflected in a new human-focused and technology-driven branch model which combines both physical and digital elements.

Since the start of the pandemic, Akbank took proactive measures to protect employees and customers and guarantee business continuity. “Thanks to the solid technology platform and existing business model, all private bankers are able to serve [clients] remotely, via online transaction platforms and online meeting tools with their iPads,” says Alp Keler, private banking and wealth management executive vice president.

Important developments in 2019 included the creation of a state-of-the-art mobile investment experience for clients, the further digitalisation of investment sales processes, and the development of innovative products aimed at maintaining leadership in investment services. The new Akbank Mobil allows clients to see their portfolios and easily invest in currencies, gold, equities, global sovereign and corporate bonds, and mutual funds.

“With the experience we have gained during the pandemic, we will continue to increase our digital offerings and enhance customer service using the opportunities provided by technology and digital banking,” he adds. “We see digitalisation as an opportunity to improve client engagement and offer new products and services. We will be focusing on innovation which will contribute to greater efficiency and stronger client relationships,” Mr Keler adds. PG

Best Private Bank in the United Arab Emirates
Bank of Singapore

Having had a presence in Dubai since 1996 through a representative office, Bank of Singapore, which manages $113bn in client assets globally, embarked on a new growth phase in 2017, with the opening of a branch in the Dubai International Financial Centre.

With more than 80 bankers in its three hubs (Singapore, Hong Kong and Dubai) dedicated to serving non-resident Indians and Gulf Co-operation Council wealthy clients, the bank experienced significant growth in recent years. In 2019, it also established a strategic partnership with onshore wealth manager Edelweiss Group in India.

The bank has built a suite of products and solutions tailored to the Middle East clientele, allowing it to “make inroads” into new markets in the Middle East, such as Saudi Arabia and Turkey.

With a strong focus on the global investors and family office (GIFO) segment globally, catering to clients with a net worth of more than $250m, the bank has expanded its product offerings to meet the needs of local clients in Dubai. For example, equity financing with UAE shares is a “successful” product and the bank is now looking to enhance this offering with local partners.

“We provide a differentiated offering and priority access to exclusive products and alternative investment opportunities to meet the unique needs of GIFO clients,” says Vikram Malhotra, global market head, South Asia and Middle East, Bank of Singapore. As a Singapore-headquartered bank, the bank is also in the “ideal position” to connect and help clients looking to set up their family office in Singapore.

“We will continue to navigate our clients seamlessly through markets in pursuit of global opportunities in this new decade,” he adds. ET