Rakbank opens two wealth management centres in Abu Dhabi and Sharjah

The centres focus on delivering dedicated and personalised service, with more information on financial products being offered to customers at a time when a more cautious approach is being adopted towards investments.

"With greater care being exercised in investment decisions, private and corporate investors are looking for banks that dedicate adequate time to develop a good understanding of their needs and encourage more engagement by the customer," says Graham Honeybill, General Manager of Rakbank.

"Investors more than ever are showing greater interest in the investment process and need more information and complete transparency. Opening specialised wealth management centres, rather than integrating them within branches, creates that opportunity for better interaction and guidance."

he adds.

Honeybill also says that "due to the current economic conditions, investors are showing greater risk aversion and veering towards safer products such as bank deposits and capital guaranteed products." The bank offers a broad spectrum of products across different asset classes to choose from and to suit individual risk appetite.

The opening of the new centres coincides with a keen initiative by the bank to intensify training and certification of its wealth management team, in order to provide further reassurance and better service to customers.

A substantial number of the bank's team of over a hundred Relationship Managers have international certifications in the area of financial advice, and by the second half of the year, the entire team will be internationally certified in Wealth Management/ Financial Advice by the Securities & Investment Institute in the UK.

Rakbank's wealth management business grew in 2008 by 30% over the previous year in terms of customer base. Its wealth management offering consists of an exclusive banking experience through dedicated banking areas in branches and wealth management centres, certified Relationship Managers to address banking and investment needs of clients, pre-approved Titanium credit cards, and other privileges, all backed by award-winning customer service.

The new wealth management centres are located in Al Bateen, Abu Dhabi and Buheirah Corniche, Sharjah.