Posted on May 16, 2015
Masraf Al Rayan's UK subsidiary, Al Rayan Bank, has officially opened its new private banking branch in Knightsbridge, London. The exclusive branch, which is located opposite the famous Harrods department store, will provide Gulf Co-operation Council (GCC) clients with exclusive private banking services.
 
The branch was officially opened by Yousef Ali al-Khater, ambassador for the State of Qatar to the United Kingdom, in an event attended by the boards of directors of Masraf Al Rayan and Al Rayan Bank, including Masraf Al Rayan chairman and managing director, Dr Hussain al-Abdulla; Group CEO, Adel Mustafawi; Al Rayan Bank chairman Robert Sharpe; Al Rayan Bank CEO Sultan Choudhury; and Al Rayan Bank CCO Keith Leach. Speaking at the opening of the branch, Masraf Al Rayan Group CEO, Adel Mustafawi said, "When Masraf Al Rayan was established nine years ago we set ourselves the ambitious goal of becoming a truly global bank. From the very beginning our strategy was to start from Qatar, then expand to the GCC and ultimately look beyond. When the time was right for us to develop outside of the GCC, the United Kingdom was the natural place for us to begin.

Qatar Airways DC

Just over a year on from its acquisition and Al Rayan Bank has been transformed. There is no better example of this than this striking branch and this iconic location." 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 £5.5mn loss in 2013 to an after tax profit of £1.2mn, 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 the prestigious 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 exclusive, bespoke investment opportunities. The new branch adds to Al Rayan Bank 's existing network of 5 branches and 3 agencies throughout the country. 
 
source: Gulf Times

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