National Bank of Dubai (NBD)has launched a new wealth management service for its private clients and entered into a strategic alliance with Swiss private bank Pictet & Compagnie. The new banking service - the Private Office - will offer four services through NBD's offices in Dubai and London.
One of the key services will be the provision of investment management services including discretionary asset management services to be offered by Pictet. The Swiss bank will also offer global custody services for private clients in the UAE.
The Private Office will provide trust services to meet the asset administration, inheritance and estate-planning needs of clients and, through individual trust and company structures, their families. The service will be offered through a separate, wholly-owned vehicle, which is to be incorporated in an offshore foundation.
The third component of the Private Office is the UK real estate service, which will assist NBD private clients in buying commercial and residential properties in the UK. To be run out of NBD's London office, the service will offer clients access to a network of lawyers, valuers, property managers and tax advisers. The new scheme will also leverage some of the bank's services and extend them to its client base.
Unaudited figures for the first nine months of the year show that NBD's profit soared 21 per cent to AED 310 million ($84 million) against AED 256 million ($70 million) for the same period last year. Interest expense year-on-year was reduced by AED 63 million ($17 million) to AED 752 million ($205 million), while interest income dropped marginally. Total assets at the end of the third quarter were AED 31,244 million ($8,505 million) against AED 28,148 million ($7,663 million) at the end of September 2000.
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