BankDhofar Launches its Private Banking Segment.
BankDhofar launched its private banking segment to serve high net worth individuals, entrepreneurs, and their families. The launch further demonstrates the bank’s commitment to lead wealth management in Oman, by offering world class wealth solutions, private banking expertise, an extensive network in the country and access to full range of banking capabilities.
The launch event, held at St. Regis Al Mouj Muscat, marks a significant milestone in BankDhofar’s ongoing commitment to offer a holistic banking experience with the aim of delivering sustainable long-term value to its clients. The segment is dedicated to offering specialized core and non-core banking services, as well as a personalized wealth and lifestyle management proposition for Ultra High Net Worth Individuals, families, and corporate clients. It promises tailored solutions to nurture and grow wealth in a secure and prudent manner with complete privacy and confidentiality.
Bank Dhofar Private Banking will offer a broad range of tailored and bespoke services in Oman.
Need Based Solutions
Solutions that meet the needs of clients, including bespoke lending, and investment products and propositions like mutual funds, bonds, portfolio management services, insurance and access to structured products, alternative investments, and a direct equity execution platform. Bank will provide exclusive insights to support its client’s decision making through exclusive access to private banking investment insights.
Dedicated Relationship Manager
A team of dedicated relationship managers, investment advisors and product specialists supporting wealth planning for individuals and family offices. With a commitment to go beyond expectations, the approach begins with a detailed review of clients’ circumstances and financial goals, including short and long-term financial objectives. These are meticulously carried out by the bank’s experienced private bankers.
Comprehensive Financial Concierge
The segment will aim to be a complete financial concierge service, managing banking needs on a 360-degree level by addressing both onshore domestic and offshore international needs. These include the offering of services including core banking, wealth management, investment advisory and offshore banking. Wealth and business succession planning, key-person insurance, trust solutions, and the establishment of foundations and family offices, will also play a significant role in the new business.
Global Partnerships
Through its private banking, bank aims to leverage the bank’s thirty-four years of local expertise with global partnerships to offer unmatched solutions across geographies. The segment will also provide global access to investments - with a diverse list of shrewdly selected opportunities across key asset classes - through mutual funds, local and international bonds and equities. Clients can also access some of the most sought-after alternatives in the market, ranging from hedge funds to strategies that involve real estate, private credit and venture capital, thus ensuring clients receive unparalleled access to well researched financial solutions. With booking centers in Switzerland and Singapore respectively, and independent custody of client assets, the segment intends to offer a safe global approach with a local presence.
Family Office
The family office services focus on crafting a legacy that goes beyond financial success. Expert advisors work closely with clients to develop comprehensive financial plans covering wealth preservation, estate and succession planning, and strategic investment strategies. The segment also assists in setting up and overseeing charitable foundations, ensuring clients’ legacies positively impact their communities.
Next Generation Empowerment
With the belief of empowering the next generation, bespoke benefits and privileges designed for diverse passions, have been curated. Elite VIP experiences in fashion, art, musical and sporting events, and enhanced VIP concierge services, with a dedicated concierge manager, are designed to enrich and enhance the client’s lifestyle experience. This ensures the bank introduces many “firsts” in the Sultanate through the segment; the first metallic card offered by a local bank with loaded card features, benefits as well as a dedicated VIP concierge service to name a few.
Speaking on the occasion, the bank’s Deputy Chief Executive Officer, Mr. K Gopakumar remarked “Entrepreneurialism and innovation are fueling both economic growth and significant wealth creation in Oman. We are excited to partner with our clients to protect and grow their wealth and support their ambitions for their families, businesses, and legacies. Our clients are looking for highly customized solutions, innovative digital services, and resources to address the growing complexities of multi-generational wealth. The launch of private banking will provide robust solutions across the wealth spectrum with world class investment solutions, dedicated private banking teams and global expertise via partners.”
He added “with our new private banking offering, we are reinforcing our promise to take our clients to a higher level of service not yet seen in the Sultanate. The new private banking services will complement BankDhofar’s retail and corporate banking offerings.”
BankDhofar is a leading financial institution with an extensive network in Oman, recognized for its innovative banking solutions and commitment to excellence. The private banking promises to offer unparalleled value to its clients, founded on deep heritage and built from decades of continued success.
