PWM/The Banker Private Banking Awards, 2012: Middle East

Best Private Bank in the Middle East
Winner: HSBC Private Bank

“We are delighted to be recognised as the outstanding private bank in the Middle East,”says Sobhi Tabbara, global market head for the Middle East, north Africa and Turkey at HSBC Private Bank. 

“Thanks to HSBC’s presence across the region, we combine local knowledge with [the strength and] connectivity of one of the largest banks in the world. This distinctive position means we provide clients with a service that leverages the best the group has to offer – from unique products and personalised advice to client-to-client connections.

“Through our global footprint, HSBC also helps clients in the region benefit from the east-to-east axis on which the Middle East private bank sits. 

“This year we’ve seen several major investments flow across an area stretching from the southern tip of Europe through Turkey to the Gulf. Utilising our intimate knowledge of these markets and our presence on the ground, we have arranged for clients to partner and invest in sectors as diverse as automotive, construction and energy.”  

HSBC was also highly commended for its work in Asia and Hong Kong. Bernard Rennell, HSBC Private Bank’s CEO for north Asia, global private banking and global head for private wealth solutions, points out that by 2050, 19 of the 30 top economies in the world will come from the faster growing markets. 

“This is where wealth will be created – and these are the geographies we have been in for a very long time,” he says, adding that the bank “has close to 400 people in Asia  focusing solely on wealth planning – these are not bankers as such but lawyers, accountants and trust professionals who specialise in assisting client families to plan strategically for intergenerational wealth transfer and preservation of their family wealth over the longer term”.

Amit Gupta, HSBC Private Bank’s CEO in south-east Asia, adds that the investment team focuses on the investment process rather than pushing products, ensuring that investments are put in the context of customers’ portfolios.

“There is a strong need for more customised solutions to meet specific needs [rather than taking a one-size-fits-all approach],” he says. “This will increasingly be a challenge for smaller to medium-sized players.”

Best Private Bank in Lebanon
Winner: Audi Saradar Private Bank

Part of Audi Saradar financial groupand benefiting from one of the largest banking networks in the Middle East with a presence in 10 different countries, Audi Saradar Private Bank last year further developed its franchise by expanding its customer base by 4%, despite the Arab Spring uprisings.

“Audi Saradar Private Bank was able to take advantage of the fact that the latest financial crisis has left the Lebanese market relatively unscathed,” says Toufic Aouad, general manager at Audi Saradar Private Bank. “Although funds leaked throughout the region towards ‘safer’ shores, such as European banks, many regional investors will always favour local and regional institutions.” 

Audi Saradar private bankers are always ‘on the move’ in markets outside Lebanon too, and focus on the middle- to high-net-worth customers having wealth of between $1m and $20m. 

“Our private bankers offer a tailored and personalised experience to these clients who usually do not benefit from such a service from large international banks,” says Mr Aouad.

Also, its expertise in the Lebanese and Middle East and north Africa markets has enabled the bank to offer alternative products to investors in challenging global markets. 

The bank’s investment team is based in Beirut and Geneva, where its fully owned private banking subsidiary in Switzerland, Banque Audi (Suisse), has been operating for 35 years. With a portfolio management philosophy based on capital preservation, the private bank offers access to third-party funds primarily through its partnership with Russell Investments, established in 2004. “Our open architecture is poised to keep evolving towards further asset offering diversification such as customised structured products developed by third parties as well as in-house development.”

One of the key recent developments at Audi Saradar Private Bank has been the introduction of a relationship management tool which enables relationship managers to monitor client portfolios and individuals more effectively.  

Best Private Bank in the United Arab Emirates
Winner: National Bank of Abu Dhabi

“One of our greatest strengths in private banking is being part of the National Bank of Abu Dhabi [NBAD], the number one bank in the United Arab Emirates, one of the 50 safest banks in the world and the safest bank in the Middle East,” says Ashraf Mazahreh, head of private banking, UAE, at NBAD. 

Mr Mazahreh adds that the bank’s deep understanding of Middle Eastern culture, blended with highly skilled, trustworthy and competent private bankers, puts NBAD’s private banking operation in a stronger position to provide high-net-worth and ultra-high-net-worth individuals with trusted advice.

The bank delivers a one-stop shop for personalised financial solutions, leveraging the expertise of various businesses within the group, and offering tailored portfolio services that are designed around a client’s risk tolerance to different asset classes.

“The choice of onshore and offshore booking is our unique selling point,” says Mr Mazahreh. “Clients can choose to implement their investment strategy through private banking in the UAE and/or NBAD Private Banking Suisse with an open-architecture platform supported by highly experienced investment specialists.”

Trust services, wealth protection and estate planning are also competitive services offered to clients through NBAD’s wholly owned NBAD Trust Company (Jersey).

“In NBAD, clients are always our top priority. Our objective is to keep the client happy by protecting and growing their wealth through systematic and relevant advice on a consistent basis rather than focusing on a quick sale of investment products. Transparency and efficiency in servicing clients remain as a priority for every private banker in NBAD,” says Mr Mazahreh.