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November 4, 2015 | 10:15 | Dubai
By Sunil Kumar Singh
Dubai-based Noor Bank’s priority banking segment is looking to put in place a standalone asset management vertical to streamline its business, a senior official of the banks has said. “Right now we’re doing a feasibility study and exploring opportunities for setting up an asset management division. In the near future, we expect this to go live very soon – by the first half of next year we’ll be making a positive move regarding this,” Renoy Kundukulam, Head of Priority Banking, Noor Bank, told Wealth Monitor. The bank’s priority banking segment currently offers investment solutions ranging from trust services, structured deposits, mutual funds, sukuk (regional and global), insurance products through bancassurance channel, physical gold, and Dual Currency Murabaha products.
Now, he said, it is looking to expand its offshore investment solutions by including other asset classes, such as real estate investment products, ETFs, etc. and introducing new services such as launching its stock trading platform by next year.
“We’re therefore looking to partner with local as well global financial intermediaries, such as brokerage firms, to offer such products and services,” Renoy said. Between 2013 and 2014, the bank’s priority banking segment grew 100% in terms of the total assets that it manages and it expects it to close 2015 with a similar 100% growth over the previous year. “We are hopeful to grow at a steady pace of 30-35% on an annual basis over the next three years despite the current phase of subdued investor sentiment,” he added.