In the dynamic heart of the UAE, ADCB Private and Wealth Management has established itself as a regional powerhouse, carving a distinct niche as a trailblazer in serving high net-worth (HNW) individuals. Its exceptional performance has earned the group the Middle East's best private bank award.
By September 2024, deposits had surged 18% year on year, while investment assets under management grew 87%, driven by a 28% increase in new clients and deeper engagement with existing relationships. The group achieved its highest-ever gross fee income for the first three quarters of 2024, reflecting a 90% year-on-year rise, with its fee-to-income ratio climbing from 10% in 2023 to 17% in September 2024.
A pivotal chapter began in 2022 with ADCB's strategic restructuring. Previously embedded in retail banking, the private banking division was reimagined as a standalone entity, empowering it to prioritise the needs of HNW clients.
"We recognised that high net-worth clients required more than transactional services – they needed a dedicated ecosystem," explains Mahmoud Ezzedine, group head of private banking and wealth management.
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