Private Banking: AUB builds a regional presence
Search the results Ahli United Bank has begun to open up the Middle East private banking business on a regional level, outperforming global rivals in the process
Ahli United Bank ranks fifth in Euromoney’s best private bank in the Middle East category, outpacing heavyweight international rivals such as Credit Suisse (6), Merrill Lynch (8) and Pictet (13) and big regional competitors including National Bank of Kuwait (7) and Saudi Arabia’s Samba (10).
AUB’s private banking success is built on its strong consumer banking franchises in key markets such as Bahrain, Kuwait and Qatar, and on its alliances with international investment managers Mellon Financial and Henderson Global Investors.
The strength of the bank’s consumer business in more than one market in the region is unique for a Middle Eastern regional bank. Regional banking champions such as NBK and Samba have offices across the region but do little business with domestic customers outside their home markets. Through its group companies – the Bank of Kuwait and the Middle East, Ahli United Bank and Ahli Bank – AUB has 10% of deposits in Kuwait, 20% in Bahrain, and 7% in Qatar.
AUB also has a joint venture with Iran’s Bank Melli Iran and Bank Saderat Iran with branches in Bahrain, the Iranian special economic zone of Kish, Qatar and Oman.