Noor's formula is simple. Create a nimble organisational framework that meets the customers' wealth management, wealth preservation and regular banking needs with best in class tangible and intangible benefits.
"Priority customers are typically high value customers who are in need of multiple banking services such as, wealth creation, wealth protection, borrowing and leverage requirements and protection in terms of insurance requirements. What we are attempting to do is to take care of all these needs through a single relationship," said Renoy Kundukulam, Head of Priority Banking at
Noor's typical priority banking client is any customer with more than Dh350,000 in liquid assets. The bank is liberal in its definition of a priority banking customer. For example if someone has a mortgage of Dh2 million and above or has a monthly income greater than Dh50,000 or above are also considered a priority customers.
With competition on the rise in the priority banking business, Noor is all set to carve out a niche for itself. "When we entered the priority banking business, most multinational banks were focused on wealth management business while the local banks were largely focused on assets and liabilities side of the business. We wanted to create an offering that combines both these elements," said Kundukulam.
Within its priority banking, Noor is in the process of developing private banking, wealth management, treasury solutions. The bank is in the process of putting together a team of wealth managers. Noor currently has a treasury desk that is capable of creating bespoke products for its priority customers. In fact, in 2014's best new investment solutions Middle East Baker's award was given to Noor for its three-year capital protected commodity investment product.
In the wealth management business, Noor does not have its own asset management company. It follows an open architecture format in selecting the best in class funds and sukuks available in the market with stringent due diligence on the managers and the risk profile of the funds.
Brokerage and asset booking
Although a relatively new player in the market, Noor is serious about building its own wealth management platform. In the third quarter of this year the bank intends to launch its brokerage from the
Currently, the bank is exploring the possibility of offshore asset booking centres in
With a number of recent wealth reports suggesting a big surge in private wealth in the region, Noor sees enough space for itself to grow in the
In creating a space for itself, Noor is willing to give more to its priority customers than its competition. "We offer preferential pricing and privileges to the customers. Every service comes with an extremely competitive and preferential pricing for priority customers with a number of special privileges such as Marhaba service at the airport and valet parking service," he said.
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