Bank of Sharjah officially launched co-operation in Private Banking and Wealth Management with Commerzbank International, one of Europe’s leading financial institutions.
In light of the launch, Bank of Sharjah initiated dedicated, state-of-the-art premises in the Control Tower at Motor City Dubai, a building designed by the dynamic, award-winning architect, Dame Zaha Hadid.
Signed by Varouj Nerguizian, Executive Board Member and General Manager, Bank of Sharjah, and by Falk Fischer, CEO of Commerzbank International - Luxembourg, the agreement stipulates that Bank of Sharjah (BoS) clients will have access to Commerzbank’s extensive experience, range of products, and investment solutions.
The bank recently hosted a cocktail reception to celebrate the co-operation at the Godolphin Ballroom of Emirates Towers Hotel in Dubai. The occasion was hosted by Ahmed Abdalla Al Noman, Chairman of the Board at Bank of Sharjah, in the presence of Commerzbank delegation headed by Michael Mandel, Chairman of the Supervisory Board at Commerzbank International SA.
The Private Banking and Wealth Management (PBWM) division at Bank of Sharjah will be supported by Commerzbank through their Luxembourg subsidiary which specialises in managing wealth, precious metals and in the structuring of assets.
Nerguizian commented that the establishment of the new division is in line with the bank’s strategy to expand and diversify the reach and quality of its financial services in order to maintain its growth momentum.
Chairman Al Noman expressed the satisfaction of the board with this important initiative that marks a new qualitative jump in the financial services offered by the bank.
He further highlighted that the PBWM division will serve UAE clientele with direct access, through the Bank of Sharjah network, to one of the world’s major financial institutions to benefit from their product portfolio, expertise, and technical know-how in the acquisition and preservation of wealth.
Bank of Sharjah was established in 1973 as the first commercial bank in the Emirate of Sharjah. It is primarily a corporate and investment bank, operating five UAE branches and five branches in Lebanon through its subsidiary, Emirates Lebanon Bank. Total Assets at the end of 2011 amounted to $5.7 billion and the capital adequacy ratio stood at 23.12 per cent with a Tier 1 capital ratio of 21.89 per cent.