- September 2, 2010 - Executive Moves - August 2010
North America
JP Morgan Asset Management named Michael O'Brien to the newly created role of global head of institutional client group. He reports to chief executive Mary Callahan Erdoes. Prior to this position, O Brien was head of the institutional investment management division of BlackRock.
- August 20, 2010 - Emirates NBD Names New Private Banking Chief
Emirates NBD has appointed Iyad Quttaineh as its new head of private banking in London, WealthBriefing has learned.
Quttaineh started his role on 30 June and was previously a senior investment manager at BNP Paribas.
When contacted by this publication on the matter, Emirates NBD declined to comment.
- July 26, 2010 - Consumer, Wealth Management Income Stable At Emirates NBD
Income at the consumer and wealth management business of Emirates NBD remained stable year-over-year at AED1. 7 billion (around £300 million) for the first half of 2010.
The deposit base for this business segment grew by 4 per over the first six months of this year to reach AED56.
- February 24, 2010 - Emirates NBD Extends Private Banking Network To Abu Dhabi
Emirates NBD has officially launched its first private banking centre in Abu Dhabi.
"Today more than ever, investors are seeking sustainable asset allocation strategies in line with global trends and hence the provision of personalized, specialist financial advisory is very valuable,” said Robbert Jan Voogt, the general manager of private banking for Emirates NBD, in a statement.
The bank provides banking and advisory services to clients, including equity investments, bonds, mutual funds, real estate advisory, trusts, and a comprehensive range of shariah-compliant products.
- February 9, 2010 - Emirates NBD Launches Offshore Deposit Range
Dubai-based banking group Emirates NBD has launched Jersey Offshore Deposits, a flexible multi-currency fixed-deposit product.
The offering targets affluent and high net worth individuals in the UAE.
The product is available in a range of international currencies, including US dollars, sterling, euros and the UAE dirham, for terms ranging from one month to three years.
- December 15, 2009 - Investors Urged To Smile More On BRIC Markets By Emirates NBD
Investors must shift their asset allocation to tap continued strong growth by the BRIC economies, according to the investment chief at the private banking unit of
Emirates NBD, media reports said.
“Investors must appreciate the increasing importance of emerging markets at a time when a number of BRIC countries soon will no longer be considered 'emerging markets',” Gary Dugan was quoted as having said at the recent Private Banking World Middle East 2009 conference in Bahrain.
"Some of the emerging markets will receive much higher weightings in investors' portf.
- October 28, 2009 - Emirates NBD CFO Outlines Private Banking Expansion Plans - Report
Emirates NBD is looking to expand its private banking business, focusing mainly on Singapore, reports Reuters, citing comments made by the bank’s chief financial officer at the Reuters Middle East Investment Summit.
Sanjay Uppal is reported to have said that Emirates NBD will look into leveraging its presence in Singapore, focusing on regional clients as the bank’s “sweet spot” at this time.
This year Emirates NBD has doubled its number of relationship managers to 50, according to the publication, and significant further hires may be expected.
- October 21, 2009 - Emirates NBD Appoints Saudi Private Banking Director
Emirates NDB Private Banking has appointed Ashraf Bajsair as senior director focused on the Saudi Arabian market, WealthBriefing can exclusively report.
Mr Bajsair was formerly head of private banking for Saudi Arabia at Credit Suisse, it is believed.
The appointment is the latest in a string of high profile hires at Emirates NDB as the bank builds up its private banking operations in the Middle East.
- July 28, 2009 - Wealth Management Revenues Shine As Profits Slide At Emirates NBD
Net profits at the
Emirates NBD
group were AED2,111 million ($574 million) for the first half of 2009, 20 per cent off the record H1 2008 net profits of AED2,648 million. Net profits for the second quarter of 2009 were AED852 million, down 41 per cent on the same period in 2008, both principally owing to bad debt provision.
But operating income was lifted by a 10 per cent year-on-year first half increase in revenues for the consumer banking and wealth management unit to AED1,565 million from AED1,425 million.
- May 20, 2009 - UAE Bank Launches Private Banking, CEO Sees "Strong Opportunity" - Report
The chief executive of Emirates NBD has said the UAE bank sees a “strong opportunity” in the private banking space and has already recruited a 50-strong team as it gears up to offer new wealth management products, Emirates Business reports. Emirates NBD launches private banking operations today.
In an interview with the publication, Rick Pudner is reported to have said that the global financial crisis had created opportunities as "quite a few people perhaps have become more uncomfortable with the traditional private banks".
