Banks sign agreement to set up new division
Sharjah, April 23, 2012
Bank of Sharjah has announced that it has finalised and signed a cooperation agreement with Commerzbank International to set up a new private banking wealth management (PBWM) division.
Commerzbank will provide the customers of Bank of Sharjah with the ability to benefit from its expertise, range of products and investment solutions in the field of wealth management, according to the agreement.
The International bank will support the management of the newly formed division, it said. The cooperation agreement will also give customers of Bank of Sharjah access to Commerzbank’s subsidiary in Luxembourg, specialising in managing wealth, precious metals and asset structuring.
It was signed by Varouj Nerguizian, executive board member and general manager, on behalf of Bank of Sharjah, and Falk Fischer, CEO of Commerzbank International – Luxembourg, on behalf of the European Bank.
In preparation for the launch of the new service, the UAE-based bank has set-up dedicated high-end premises in Control Tower, Motor City Dubai, which are equipped with state-of-the-art technology.
Nerguizian said the establishment of the new division is in line with the bank’s strategy to expand and diversify the reach of its financial services in order to maintain its growth momentum.
“The new PBWM division will provide the UAE public in general, and Bank of Sharjah clientele in particular, with direct access, through its own facilities, to one of the world’s major financial institutions in order to benefit from their expertise, network and technical know-how in the field of wealth management,” he added.
“The timing of the launch of this new division is of paramount importance in view of the instability and uncertainty dominating the world financial markets, as it fulfills the need of the local investor for safe and well rewarded investments,” he concluded. – TradeArabia News Service