RBC Delivers Pioneering Employee Savings Scheme For Kharafi National Employees
DUBAI, 22 MARCH 2010 – Kharafi National, part of the Kuwait based Kharafi Group and one of the region’s largest employers, has enhanced its ground breaking employee benefits programme through an employee savings programme designed by RBC Corporate Employee & Executive Services (RBC cees). The innovative scheme provides savings and pension benefits over and above local labor law requirements to approximately 4,000 qualifying employees in Kuwait, the UAE, Lebanon and Egypt. The plan enables employees to save for their future by gaining them access to international investment options while Kharafi National contributes at a matching level to support their employees. This milestone programme is one of the first such programs to be provided by a major private sector employer in the region.
Commenting on the reasons for providing this benefit for their employees, Antoine El Khoury, HR Director, Kharafi National, said: “This reflects the high value that we ascribe to our staff and the importance we place on attracting, retaining and rewarding the best employees”.
RBC cees, part of RBC Wealth Management, a division of the Royal Bank of Canada (RY on TSX and NYSE), has been appointed as trustee, administrator and fund advisor for the scheme.
This news follows from the announcement in November that Simon Stirzaker and Rola Azab had joined RBC cees from HSBC, with a mandate to capitalize on growing interest in innovative employee reward programs in the Middle East.
Simon Stirzaker, Senior Manager at RBC cees in Dubai, commented: “Kharafi’s continuing commitment and investment in its human capital through such a program is admirable and is a milestone for employee benefits in the region.” He added: “It shows that even in the throes of one of the worlds most severe recessions, companies in the region are continuing to invest in their people through innovative reward structures and take an active role in the care of their employees and their futures.”
Julian Gardner, RBC cees Director – EMEA, based in Geneva, said: “We believe that demand for employee pensions schemes in the Middle East will continue to grow over the coming years. There are signs that companies are reviewing their human capital compensation and benefit strategies. We have also seen an increasing demand for deferred compensation structures and employee share save plans. As the recognized market leader in corporate trustee and administration services for employee benefit plans and retirement savings, we are well-placed to capitalize on this upward trend.”
Dafina Grapci-Penney / +44 (0)20 7680 5052
RBC Wealth Management
Sanam Alaghband / +44 (0)20 7002 2013
About RBC Corporate Employee & Executive Services (RBC cees)
RBC Corporate Employee & Executive Services (RBC cees) is a leading global specialist in employee benefit plan administration, providing corporate trustee and administration services to its global corporate client base. Clients of RBC cees range from privately owned businesses to companies listed on all the major stock exchanges. The RBC cees private equity and property fund team also provides fund administration services for a wide variety of fund structures. With assets under management exceeding US$40 billion and over 220 employees, specific services include employee trust, administration services and project management, for:
• share & equity based incentives
• international and executive pension plans
• deferred compensation structures
• private equity and property funds
For more information, please visit www.rbccees.com.
About RBC Wealth Management
The international arm of RBC Wealth Management services over 35,000 high net worth individuals and institutions through more than 30 offices in the British Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America and North America. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. For more information, please visit www.rbcwminternational.com.
RBC Wealth Management, a segment of RBC, directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia with a full suite of investment, trust and other wealth management solutions. The business also provides asset management products and services directly, through its RBC Global Asset Management division, and through RBC and third-party distributors to institutional and individual clients. RBC Wealth Management has more than C$500 billion of assets under administration, almost C$250 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers. . RBC Wealth Management was recognized as the Best North American based Wealth Manager by Private Banker International in October 2009.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, one of North America’s leading diversified financial services companies and among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial service companies, provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 77,000 full- and part-time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 53 other countries. For more information, please visit www.rbc.com.