Private Banking in Africa has seen significant growth over the past years as the HNWI (High Net Worth Individual) and UHNWI (Ultra High Net Worth Individual) sectors have grown in size and appetite for prudent investing. The African market in total is expected to represent over USD 2,500 billion in Net Investable Assets by 2020; with 80% held by HNW & UHNW Individuals, and is expected to grow at above average rates. The continent has also become the largest recipient of Foreign Direct Investment, attracting 17% of the global aggregate.
The Middle East, and UAE in particular, plays a pivotal role in Africa's growth as trade flows to and from Africa are passing through the Gulf region, building a natural hub between Europe, Africa and Asia. Emirates Airline, Dubai's national carrier, serves as a hub for more African cities than any other airline in the world.
As a natural result, Emirates NBD, the largest bank in the UAE, sees Africa as a logical target for expansion. With a strong capital and liquidity position, Emirates NBD Private Banking has extended its coverage to select African markets, particularly targeting HNWI, UHNWI and families. It has already secured clients across segments, encouraged by the strong presence of Non-Resident Indians and Lebanese expats in the region, a core customer base for the bank in the UAE, Cultural, language and religious commonalities shared between the Middle East and Africa add to the ease of expansion.
Emirates NBD Private Banking, a pivotal part of Emirates NBD's Wealth Management division has emerged as a top tier investment advisory platform. Under its 'Opportunities to Inspire' campaign launched in late 2015, the bank has focused its wealth management strategy on three pillars: Succession Planning, Expansion & Growth and Investment Opportunities. This proposition is delivered by an experienced and knowledgeable coverage team of private bankers and investment advisors offering an unparalleled range of investment solutions with client service to the highest standard, catering not only to individuals but also family offices and select institutional investors.
The team of investment...