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Dubai - Jean-Paul Petoud, Chief Investment Officer, Private Banking at Emirates Investment Bank, a client-focused, independent private and investment banking boutique headquartered in Dubai, said at a conference today that quality of service, client responsiveness and innovation are fundamental to ensuring the competitiveness of Dubai's private banks relative to international players.
Speaking today at Dubai Forward, the annual strategic conference focused on Dubai as a financial and wealth management centre, Mr Petoud explained that as personal wealth grows across the Middle East,Dubai will become increasingly attractive as a jurisdiction in which to book assets. He highlighted a combination of geographic, regulatory and quality of service factors as being behind Dubai's emergence as a global private banking hub.
Jean-Paul Petoud said:
"Clients around the world are looking for the same thing from their private bankers; responsiveness and quality service. With technological advances, clients are also looking for opportunities to manage and conduct their business remotely, and want private bankers who could support them with their operations wherever they are.
"Dubai benefits tremendously from being located where it is geographically, at the heart of the Middle East, Africa, and Asia, an increasingly prosperous super-region. It offers options when it comes to regulations, with on- and off-shore jurisdictions, and it is one of the top ranking cities in the world in terms of ease of conducting business.
"When you combine Dubai's natural advantages with its rapidly developing financial services ecosystem, a compelling case is made to regional and international high-net-worth-individuals that are looking for a private banking partner. In order to compete directly with our international peers, many of which have over a century of history, I am constantly thinking about how we, as a bank, can further improve the client experience through both quality of service and products on offer. It is something we are doing successfully, having grown our customer deposits and total assets under management from AED 800 million and AED 2.49 billion at the end of 2012, when we fully implemented our new private banking strategy, to AED 2.99 billion and AED 7.72 billion, respectively, at the end of 2014."
Jean-Paul Petoud, who brings 30 years' experience in the private banking and investment management industry as a Fund Manager and Investment Strategist in Switzerland and the Middle East, commented that Dubai is perfectly placed as a gateway to investment opportunities for investors from all over the world as well as for international high net worth individuals that have a connection to the UAE.
He was speaking at Dubai Forward about private banking services that clients look for in Dubai. Dubai Forward is an annual conference that provides a platformof dialogue between the authorities and regulators ofDubai and the financial and wealth management industry, with the objective of positioning Dubai as a leading financial andprivate banking centre.
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About Emirates Investment Bank pjsc
Emirates Investment Bank is an independent private and investment banking boutique operating in the Middle East and headquartered in Dubai, UAE.It offers highly customised services through two primary business lines:
•Private Banking: Emirates Investment Bank works closely with a select yet diverse client base of High Net Worth individuals and institutions to bring them tailor-made wealth planning services and investment solutions sourced from all over the world.
•Investment Banking: Emirates Investment Bank's professional financial advisory team provides its clients with innovative investment banking services including Mergers & Acquisition (M&A), balance sheet restructuring as well as access to regional capital markets.
Emirates Investment Bank is regulated by the Central Bank of the UAE, and as a listed entity on the Dubai Financial Market (Ticker: EIBank), it is also supervised by the Emirates Securities and Commodities Authority.
For further information, please visit: www.eibank.com.
For media enquiries:
Emirates Investment Bank
Rebecca Clarke
+971 4 2317 720
Rebecca.Clarke@eibank.com
Brunswick Group
Joudi Issa
+971 4 446 6285
EIBank@brunswickgroup.com
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