Nearly six out of 10 millionaires (59 per cent) in the Gulf Cooperation Council (GCC) region prefer a local bank to help them manage their money.
Local banking institutions are perceived to be more secure and trustworthy than their foreign counterparts, and are well versed on the market, as well as on local regulations.
In the GCC Wealth Insight Report 2014 by Emirates Investment Bank (EIB), 38 per cent of the respondents cited perceived security and trust as the main reasons for their preference.
Nearly three in ten (28 per cent) said they believe local banks have a better understanding of the local regulations or the market.
When choosing a bank to manage their money, the millionaires consider an institution’s level of service, brand and reputation and fees before making a decision.
