Emirates NBD 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 Dhs 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.