Money

Bank says it has made 'tangible offers'

In an email, an Emirates NBD spokesperson says the bank will halt its case against Nicholas Warner as soon as an agreement is reached.

Emirates NBD

July 24, 2010

Did anyone at the bank contact Nicholas Warner to let him know that his passport was going to be confiscated? The bank would like to place on record that it does not hold any customer's passport including that of Mr Warner. The bank had merely pursued legal action against Mr Warner as he had defaulted on several payments. This is in accordance with the bank's rights under the applicable laws of the country. When Mr Warner was apprehended at the airport, he bailed himself by relinquishing his passport, pending the outcome of the case.

Mr Warner says on at least two occasions, a bank employee told him he could settle the debt by paying a specified amount. When he collected the money and tried to submit it, he was told the total amount due had increased. Is this true? That's not the case. Mr Nicholas Warner has several liabilities with the bank. His actual debt with the bank is substantially higher than what has appeared in the media. The bank has been in touch with Mr Warner constantly over the last six months and has made several efforts to find a reasonable solution, although Mr Warner has reneged on all such offers.

In fact, in the last month alone, the bank has met with Mr Warner six times and has made him at least three tangible offers. We believe that if he truly wants to resolve his situation, he has the opportunity to do so with the fair option that the bank has offered him. What could Mr Warner have done to avoid this situation? Borrowers have a responsibility towards managing their finances. At the first sign that they may be approaching a default situation, they should seek the advice of their bank, which can then assist them in finding a manageable solution, tailored to meet their new circumstances.

It is advisable that customers who find themselves in a debt default situation inform their bank that they plan to travel outside the country. Emirates NBD is certainly committed to assisting all customers, who seek the bank's advice when they find themselves in difficult financial situations. Where does this stand now? What does Mr Warner need to do in order to get his passport back? As a result of the bank's ongoing talks with Mr Warner, he has been made several tangible offers over the last six months, designed to resolve the issue. The most recent offer was presented to him on July 19, 2010, which in his own words, "could represent a breakthrough".

Once the offer is confirmed and accepted by Mr Warner, the bank has agreed to release the case filed against him.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs: 2018 Harley-Davidson Fat Boy

Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)

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Ki-Jana Hoever

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Herbie Kane

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Luis Longstaff

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Yasser Larouci

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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Nice v Angers (9pm)
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