The exclusive Private Bank of Emirates Bank and National Bank of Dubai announced yesterday at its Emirates NBD press conference center at the Dubai Festival City Head Offices, the launch of its unique Kanzi Solutions, 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.  The Emirates NBD press conference was led by Mr. Jamal Bin Ghalaita, Emirates NBD General Manager- Consumer Banking and Wealth Management.

Commenting on the launch of Emirates NBD Kanzi Mr. Bin Ghalaita, said, “Kanzi, offered through the Private Bank at Emirates NBD, is a unique and rewarding solution for both regional and international Corporations operating in the GCC. It is designed to enable regional companies to, firstly attract executive talent and then firmly retain them. Kanzi offers our corporate clients an advanced system to include a set of management and employee trust services for share and stock plans, international provident plans and deferred compensation schemes.

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 at the Private Bank. “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. 

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

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

The Private Bank 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, Emirates NBD
Reported on: 26.05.2008