Al Rayan Bank opens flagship branch

Al Rayan Bank, formerly known as Islamic Bank of Britain, has officially opened its new private banking branch in Knightsbridge, London.

Related topics:  Finance News
Rozi Jones
18th May 2015
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The flagship branch will provide high net worth individuals and Gulf Cooperation Council clients with exclusive private banking services.

The branch was officially opened by Mr Yousef Ali Al-Khater, Ambassador for the State of Qatar to the United Kingdom, in an event attended by the Boards of Directors of the Masraf Al Rayan and Al Rayan Bank.

Speaking at the opening of the branch, Al Rayan Bank CEO, Sultan Choudhury said:

“The last year has been momentous for Al Rayan Bank; beginning with the acquisition in February 2014 by Masraf Al Rayan, which was followed later in the year by the successful rebrand to Al Rayan Bank, and continuing with the posting of the Bank’s most successful financial performance to date. The opening of this new branch follows that remarkable year and, we believe, marks our transition to a new iconic banking brand for London and the UK.

“The environment and location of the branch reinforce the Al Rayan Bank brand as one of aspiration and stability. This branch raises the bar, not just for Al Rayan Bank, but for private banking in the United Kingdom.”  

Last month, Al Rayan Bank posted its most successful financial performance to date. In 2014 the Bank’s operating income increased by 168%, customer financing increased by 86% and retail deposits increased by 59%. The Bank also transformed a £5.5 million loss in 2013 to an after tax profit of £1.2 million, the first time in its eleven year history that it has posted a profit.

Strategically located in Hans Crescent, Knightsbridge, the Private branch is opposite Harrods department store and in an area of London which is popular with many people from the GCC. It is expected that this will help the branch to become a hub from where Al Rayan Bank will provide an exclusive private banking service, including real estate finance, day-to-day banking services and bespoke investment opportunities.

The new branch adds to Al Rayan Bank’s existing network of 5 branches and 3 agencies throughout the country.

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