Arab Bank looks to planning products
Arab Bank Australia will look at providing financial services products when the customers demand them, says managing director Jack Beighton.
"At present our customers want a traditional banking service, although we do offer special packages for those involved in property development projects," he says.
"We build a relationship with our customers. That leads us to provide more products to them as, by then, they will trust us."
Arab Bank has just opened its seventh branch in Australia. Located in Melbourne's northern suburbs, the bank is targeting the Middle East migrant market.
The bank has six Sydney branches. Beighton says the bank has already found that half the demand for its term deposit product comes from the non-Arabic community.
The bank has also stayed out of financial planning. Beighton says the market needs to settle down first before that move would be considered.
"When that happens, and providing our customers want it, we would then look at offering services like financial planning," he says.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
