Global survey votes UAE bank ‘best’ for super-affluent

Ritika Sharma / Emirates Business

A land of opportunities and wealth, the UAE has capable financial institutions too, which can manage its fortune.
Mashreq, one of UAE’s leading financial institutions, was selected ‘Best Private Bank for Super Affluent Clients in the UAE’ in the prestigious Euromoney’s 13th annual private banking survey for 2016.
Euromoney’s Private Banking Survey provides an annual gauge into the world’s best service and product providers to the world’s high net worth individuals. This year, close to 600 institutions took part in the survey, spanning 90 countries and collecting 2,616 responses.
“Awarding Mashreq with the prestigious title of ‘Best Private Bank for Super Affluent Clients in the UAE’ reflects our position as a key player in the private banking sector and puts us at the forefront of the industry,” said Subroto Som, head of retail group at Mashreq.
Interestingly, according to latest figures released by Wealth-X, an intelligence firm, one in five of the Middle East’s super-rich live in the UAE. The figures state that there are 1275 ultra-high-net-worth individuals in UAE, having net assets of US$30 million or more. They have a combined net worth of US$225 billion and around 495 of them live in Dubai, while 450 reside in Abu Dhabi.
“Over the years, Mashreq has been growing at a steady pace. Investing in innovation and digital transformation has helped Mashreq develop and gain customer trust, and securing long-term customer relationship is of upmost importance for us,” stated Som.
Ayman Abuhabsa, head of private banking at Mashreq, said, “We are thrilled and honoured to be recognised for our endeavours to extend excellence to our customers. Three years ago, we embarked on a clear and defined journey to revolutionise our Private Banking services, and this award proves that we are moving on the right track to fulfill our goal.”