As part of its Priority Banking offering, Standard Chartered has launched a service for affluent non resident Indians (NRIs) in the UAE after customers have expressed the want for tailored service. The account, which can be opened either in India or the UAE, provides customers with access to a single Relationship Manager (RM) who understands and can address the specific banking requirements of NRIs living in the United Arab Emirates.Deanna Othman, General Manager, Premium Banking, Standard Chartered UAE said, “While the affluent market is growing at a rate of 12 per cent in the UAE, our Priority Banking business has experienced a growth in customer numbers by 18 per cent as a result of placing more emphasis on providing a superior level of service. Given the large population of affluent NRIs in the UAE, we asked customers what they required and then went about developing a service which would exceed their needs and which would continue to keep our portfolio growing.”
The NRI offering was recently unveiled at a gala evening organised by Standard Chartered for over 450 of its NRI customers which featured famous Indian designer, Azeem Khan who unveiled his latest collection in a unique fashion show. Bollywood diva, Bipasha Basu also appeared on the catwalk in a dress designed by Azeem which was later auctioned for AED 15,500 – the proceeds of which went to the Red Crescent and Seeing is Believing – a global Standard Chartered initiative to help tackle avoidable blindness. The famous music directing trio Shankar Ehsaan Loy also made a star appearance entertaining the guests with their most famous songs well in to the evening.
In addition to the single Relationship Manager, other features of the service offering include:
Priority status for the whole family: customers’ spouses and children enjoy the same privileges as a Priority Banking customer, including access to the Bank’s more than 200 Priority Banking centres
Seamless, cross-border facilities:
Customers will be able to open accounts remotely.
Customers will be able to take their accounts and banking relationships with them wherever they choose to live and work.
One global view online of all accounts held internationally.
A dedicated relationship management team: Qualified personnel; product experts in investments, foreign exchange, insurance and lending.
Online Trading Account (3 in 1) for Non Resident Indians for INR denominated Stocks, Mutual Funds & Bonds.
The new service offering comes after the Priority Banking business recently announced it would be increasing the number of its relationship managers by over 40 per cent in 2010. The growth of RMs will help keep up with the growth in the sector of affluent individuals in the Middle East, tipped as the second fastest growing segment in the world, beaten only by Asia, and growing at a rate of 8 per cent CAGR.
Source: news release
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