The top 5 providers of private banking Dubai
Private banking is a unique service reserved for elite customers. Financial professionals provide concierge services for private clients, not otherwise offered by traditional banks. Among the special features of private banking are customized financial services for high-net-worth customers with dedicated relationship management teams or individuals, attending to all of the financial tasks for specified clients. Private banking customers receive direct help without the need for a teller line, bill paying, and wealth management services not extended to traditional banking customers. A private banker reduces stress for elite customers to make the banking process smooth and seamless with customized services tailored to each client’s unique financial situation. Other services include strategies for cash flow solutions, risk protection, updates on changes in tax regulations, and working with legal advisors outside of the financial institution when necessary. Services also include general financial planning, investment advice, wealth management, preferential rates, and pricing on deposit accounts, estate planning, and lending in a single point of contact [1].
Private Banking in Dubai
Expats and residents of Dubai have many choices for private banking in the country with five top banks providing these elite services. The UEA is reputed as a global leader in private banking with five of the top institutions in the world [2]. Ultra-wealthy clients choose from Emirates NBD, National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, and Dubai Islamic Bank. While all offer a full range of banking services and financial tools, each provides unique tailored financial services that set them apart. The best choice depends on your situation. Here is an overview of the top five to help you determine which is the most attractive in their order of popularity from least to most [2].
5. Dubai Islamic Bank
Minimum Requirements: AED 3,500,000 minimum balance, AED 150.000 monthly income
DIB opened its doors for business in 1975. As one of the oldest, it’s also one of the most trusted by locals, offering both traditional and private banking services. Applicants who meet the minimum requirements to qualify for fully Sharia-compliant banking services and the Wajaha Private Banking system. Clients get free access to banking tools and services tailored to the needs of the individual account holders. It provides a full range of banking services plus a designated financial professional or team to handle all tasks related to the account. The bank guarantees that its Wajaha Private Banking program maintains the highest privacy for elite clients with personalized assistance, banking privileges on all products, and dedicated phone banking services. Wajaha Banking cards offer lifestyle privilege benefits and discounts. The Infinite Debit Card gives a cash withdrawal limit of up to AED 75,000 with AED 100,000 daily purchase limits and unlimited airport lounge access throughout the world as a complimentary feature. For more information on DIB private banking, visit the official website (http://www.dib.ae/personal/wajaha-private-banking).
4. Gulf Bank
Minimum Requirements: Account balance of KD 500,000 or more in cash or investable assets
Gulf Bank serves traditional and private clients with various bank accounts and deposit programs. The bank commenced operation in 1979, also offering loans and insurance facilities. They promise to meet high expectations for private clients by assigning a dedicated private-banking professional to handle banking needs in client homes, offices, or the bank, depending on client preferences. The bank arranges visits for the client’s convenience to cater to their needs with the highest benefits and privileges.
Gulf Bank’s banking experience meets your high expectations and answers your specific needs. Solutions for private-banking clients get handled by a dedicated private banker with tailor-made services. You can learn more about their private banking at Gulf Bank by visiting the website (https://www.e-gulfbank.com/en/private/welcome/).
3. Abu Dhabi Commercial Bank
Minimum Requirements: AED 200,000 relationship balance, net salary transfer of AED 20,000 per month, or Mortgage of AED 1,000,000
Abu Dhabi Commercial Bank promises to exceed client expectations with its private banking services. ADCB has won multiple financial services awards in the UAE. It’s known for its full range of elite banking services for qualified customers in the UAE and abroad.
Some services include customization of services for large companies, fund management, and investments. Dedicated financial professionals provide lifestyle solutions, everyday banking tasks, tailored lending programs, and customized wealth management products. Concierge-level services for VIP clients extend worldwide through the bank’s World Elite Mastercard for luxury travel planning and VIP access, handled through the Private Centre. The ADCB Privilege Club requires strict maintenance of the minimum requirements for continued participation. Learn more by visiting the official ADCB website (https://www.adcb.com/en/personal/adcb-for-you/segments/privilege-club/).
2. National Bank of Abu Dhabi
Minimum Requirements: Must inquire at the bank or online
The National Bank of Abu Dhabi serves private clients with Islamic and Conventional banking products worldwide. They promise discretionary and advisory services with corporate, offshore, specialized, and international banking. Other services in its private banking segment include real estate lending, trade finance services, wealth planning, specialized financing, private-equity deals, access to primary market issues, and Bancassurance. The institution promises elite privileges but does not go into detail on the website. They offer a form for making inquiries that limit public transparency. By reputation, NBAD is one of the best UAE for delivery of private banking services for the ultra-wealthy. You may contact the institution to inquire about minimum requirements and more by visiting the website (https://uae.financialadvisory.com/private-banking/national-bank-of-abu-dhabi/).
1. Emirates NBD
Minimum Requirements: AED 500,000 in deposits or investments or AED 50,000 in salary transfer, or home loan value of at least AED 3 million
Emirates NBD is ranked first among the top five banks offering private banking services in Dubai. Known for its reliability and safety, the institution provides conventional and Islamic financial systems’ private-banking services for elite clients who meet the minimum requirements for inclusion. Emirates NBD offers private banking instruments within the UAE and abroad. The bank is one of Dubai’s largest financial institutions, offering bespoke services customized to meet the needs of each private banking client. These include individual investment advisory services, wealth management, trade facilitation as instructed by clients, discretionary portfolio management, Lombard Lending credit solutions, IPO financing, Universal Life Insurance, trust, and estate planning with bespoke solutions for families, and more. To learn more about the full range of private banking services offered through Emirates NBD, visit the official website (https://beta.emiratesnbd.com/en/private-banking).
References
1. https://www.forbes.com/advisor/banking/private-banking/
2. https://www.companies-dubai.com/en/bank-accounts-in-dubai/241-top-5-private-banks-in-uae