Arab Bank heading south.
Arab Bank is very much a niche player in Australia, with six branches in Sydney representing their presence in the market.
That presence is set to expand according to an article in today’s Australian Financial Review, with three branches planned to open in Melbourne next year.
“We do not pretend to be able to offer the full range of services that larger banks can, but our range is designed to meet the needs of our target customers.” Managing director Jack Beighton is quoted as saying.
Certainly a good philosophy which they seem to adopt to the letter, especially in the deposit field. While we make a point of not saying any one institution is better, or has a better product, than another, it is hard to ignore their deposit product rates.
We’ll leave it up to you to look at the deposit rates within Bankcho%ce, but if you are looking for a deposit/investment account it might be a good idea to look out for the Arab Bank of Australia rates.