EMIRATES NBD's PRIVATE BANKING SIGNS DISTRIBUTION AGREEMENT WITH AON FOR KANZI PRODUCT  

United Arab Emirates, Dubai- 12th June 2008:  Emirates NBD's Private Banking recently signed a distribution agreement with AON to distribute the Kanzi service through its vast network.  The agreement comes following the bank's recent launch of the unique Kanzi Solutions at a press conference, last week.  The agreement was sealed at a signing ceremony between Mr. Jamal Bin Ghalaita, Emirates NBD General Manager- Consumer Banking and Wealth Management and Mr. Massoud Shaheem, CEO of Aon Middle East.

Kanzi Solutions provide a new dawn in company employee relations by offering provident schemes, employee share option plans and deferred compensation schemes, designed to give regional companies a competitive advantage when hiring and retaining good talent. 

Commenting on Emirates NBD's signing agreement with AON Middle East,  Mr. Jamal Bin Ghalaita said, "We are confident that our agreement with AON Middle East will help us in reaching an extensive network of institutional clients who would find the ENBD Kanzi offering very attractive.  Emirates NBD are committed to enhancing employee benefits in the region and we feel that Aon are the ideal partner and distribution channel, given their experience, knowledge, network and commitment to the region over the past 25 years"
 
"The GCC is integrating into the global economy at an astounding rate leading to competition in entirely new arenas. Attracting and retaining staff is becoming key to a companies success.
As domestic job markets liberalise, it is not just hard to acquire the people that make a business grow. It is harder to maintain the people you have.  Most enterprises in the GCC do not, on the whole, have any form of employee remuneration beyond the agreed compensation package and the eligible end of service benefits based not on performance, but on how long someone has served.", concluded Mr. Bin Ghalaita.

"We realised that many of our corporate clients were having major difficulties attracting talent and retaining talent," says Julie Azharian, Director - Private Banking. "When we dug a bit deeper, we discovered that this was purely because there was not enough to attract them. People were asking about pensions, retirement, ESOPs, deferred payment and bonus schemes – but governments and companies in this region do not offer them necessarily to all employees.  We have created Kanzi out of demand to fill this void and help employers acquire, retain and manage their talent, whilst maintaining control over the process for mutual benefit."

Emirates NBD Kanzi can be broken down to 3 main elements: The Provident Scheme, Employee Share Option Plans (ESOPs) and Deferred Compensation schemes.  Each scheme is a tailor-made solution to provide employees with long term savings plans ahead of their retirement. 

Kanzi, although a new service for Emirates NBD, has been structured with the appointment of internationally experienced specialist alliance partners, who offer extensive knowledge and experience in this field. 

This ultimately enables Emirates NBD to provide international expertise with true local understanding.

Private Banking at Emirates NBD offers customers a specialized, tailored facility to professionally manage, grow, safeguard and diversify the future of family wealth, in the context of continuous change and evolution.

Click here for Arabic version

Reported by :Zeina El-Haj, Head of Marketing, PR, Event & Sponsorship, Retail Banking, Consumer Finance & Wealth Management
Reported on : 12/06/2008

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