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Where wealth resides
Private banking is an important part of the market, creating a space for high-net-worth individuals to get the best from their money. In that space, a number of pivotal players operate
The private banking sphere allows those who want more than a basic current account to enjoy the fruits of their labour. It’s important that banks can make the distinction between mass-market retail banking and products and services that can attract and appeal to high-net-worth individuals; services that can be very profitable.
Customers of private banking institutions generally demand the highest in client relation standards, and so these organisations must throw as much weight as possible at pleasing them. It is this expected high level of service and product offering that makes this category so interesting, and one that guarantees a range of votes and opinions from our judges.
Click to enlargeBanking with the best
With wealth managers and dedicated fund experts offering a range of expertise, the private banking segment attracts some of the most well respected bankers of the age. Nurturing large sums of individuals’ cash requires no small amount of insight and deliberation, and it can take a seasoned professional to be able to sift the wheat from the chaff when it comes to selecting a client’s risk balance. It’s the subtle nuances of getting this right that make for a highly competitive and hard-fought industry. If it doesn’t provide the very best in financial advice, a private bank may as well shut up shop.
With wealth managers and dedicated fund experts offering a range of expertise, the private banking segment attracts some of the most well respected bankers of the age. Nurturing large sums of individuals’ cash requires no small amount of insight and deliberation, and it can take a seasoned professional to be able to sift the wheat from the chaff when it comes to selecting a client’s risk balance. It’s the subtle nuances of getting this right that make for a highly competitive and hard-fought industry. If it doesn’t provide the very best in financial advice, a private bank may as well shut up shop.
Private banking dates back centuries. For as long as banking has been in existence, the need for a top-end service has encouraged many organisations to create a space for the wealthiest members of society. Traditionally, aristocrats and the gentry have demanded high-level services, much like in any other aspect of their lives. And banking, for this portion of society, has always been about creating wealth – not just stashing rainy day cash. On top of that, customers have always expected money to remain safe for future generations and to generate wealth for their offspring. Today, things aren’t so different.
Over the course of the last half century, the rise in the middle classes (see Fig. 1) across many of the developed nations has created a far larger market that has fanned the industry. The rise in popularity in the more general retail banking products and services has led to better standards across the personal banking sphere, and private banking has not been unaffected. With more and more members of society boasting increased disposable income (see Fig. 2), the requirement for continually improving high standards in private banking has seen the industry enjoy more notable attention across the board.
High-net-worth individuals also expect their monies to be accessible and managed on an international scale, so while the demand for a localised and custom service is ever present, it must also be transferable across the world. To account for these demands, often a sophisticated branch network and sound international relations are required to ensure smooth business is conducted. With the internationalisation of the economy changing financial performance requirements everywhere, this has become both a lot more complicated and also a lot more tightly regulated, given the scramble for control from national and supranational regulators. As such, private banking institutions are in a position in which they must create innovative and effective international supply chains.
Click to enlargeNew money
A huge new market of banking services has surfaced over the last few years, as emerging markets have become more and more sophisticated. With the rise in middle classes, those requiring private banking services have grown substantially in numbers. As countries have grown in prosperity over the last couple of generations, a number of banks have been caught out with substandard client offerings and undiversified product bases. Since this has become a realisation a number of high quality outfits have sprung up, both from old and new institutions. In these new markets a plethora of standards exist, yet only a few survive long enough to fully capitalise on these sizeable and growing platforms.
A huge new market of banking services has surfaced over the last few years, as emerging markets have become more and more sophisticated. With the rise in middle classes, those requiring private banking services have grown substantially in numbers. As countries have grown in prosperity over the last couple of generations, a number of banks have been caught out with substandard client offerings and undiversified product bases. Since this has become a realisation a number of high quality outfits have sprung up, both from old and new institutions. In these new markets a plethora of standards exist, yet only a few survive long enough to fully capitalise on these sizeable and growing platforms.
Up-and-coming finance centres across the world have done their part in building these new markets. With large-scale commercial and financial hubs growing exponentially, in cities from Toronto to Singapore, more and more educated individuals with greater wealth require better and more flexible banking services. As these regions grow in stature and importance, the needs of their populations naturally become more advanced. In such areas, private banks are really expanding to succeed and have created valuable offerings to attract individuals. With wealth flowing into these cities, generally it stays there and builds upon itself (see Fig. 3) as the investment multiplier goes into overdrive.
Click to enlargeOn top of that, there have been notable regions in which private banking has thoroughly taken off. In Asia in particular, private banking has risen in popularity, from being a niche service to almost taking on the mainstream banking market – such has been its success.
Technology has also played a large part in the growth of private banking in the last few years. With new apps and software connecting much more of the world than was previously possible, banks and financial institutions have found it easier to expand and deliver the service their clients demand. Transactions happen with greater ease and can occur instantaneously across borders, opening up more opportunities for arbitrage among the top performers and those with access to the most up-to-date technology. With these latest advances in technology and the increasingly widespread use of superior computer hardware, private banks can access their clients with greater ease.
Best of the best
With the wind in its sails, private banking has gained a significant amount of ground in the years since the credit squeeze. More and more bankers are demanding more from their service providers, and with competition increasing across the range, it’s a sector on the move. Indeed, private banking is considered by many to be a part of the industry worth watching.
With the wind in its sails, private banking has gained a significant amount of ground in the years since the credit squeeze. More and more bankers are demanding more from their service providers, and with competition increasing across the range, it’s a sector on the move. Indeed, private banking is considered by many to be a part of the industry worth watching.
This is why World Finance researches the entire globe to select the very best. Monitoring often-fluctuating levels of competency, the magazine selects those innovative and forward-looking firms and organisations that have stood out during the last year and pushed the competition on to new levels. With help from the magazine’s loyal readership, the judging panel considers a range of criteria that allows it to focus in on the issues that matter for those looking for private banking services. On the following pages, you’ll find the very top performers in the industry.
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AlgeriaABC BankHaving, over the years, pioneered a great many developments in the private banking space, ABC Bank continues to make its presence known in Algeria and in the wider region. The bank’s priority has always been its customers, a fact best evidenced by its wide range of customised private banking services, and the positive reactions of its clients.
angolaStandard BankStandard Bank Angola wants to make a difference. Through offering a wide array of products and services it is able to better serve its customers, while its employees aim to effectively use technology to provide transactional solutions, savings, investment and financing that is tailored to meet the needs of any individual or business.
argentinaPuentePuente is the leading financial services entity on the Southern Cone. Through its four business units – wealth management, capital markets, sales and trading, and asset management – it provides services to a global client base including corporations and governments. It offers solutions through capital markets and is adept at reorganising capital structures.
australiaWestpacIn close keeping with the bank’s strategy to provide superior returns for shareholders and build long and lasting relationships with its clients, Westpac’s private banking business boasts a wide range of impressive private facilities for customers, and in terms of quality of service, the bank is unmatched by any other in the country.
brazilItaú Private BankBrazil’s Itaú Private Bank is one of the country’s leading providers of wealth and asset management services. With an international network of partner institutions that operate globally, Itau is able to bring together both local and global investors at the drop of a hat to take advantage of Brazil’s continually growing economy.
canadaBMO Private BankingBMO’s private banking business offers a comprehensive range of services to high-net-worth and ultra-high-net-worth clients, including enhanced banking, trust and estate, wealth planning and investment management services. BMO Private Banking is comprised of the Bank of Montreal, BMO Private Investment Counsel and BMO Trust Company.
chile Banco de Crédito e InversionesA leading player in Chile’s banking community, Banco de Crédito e Inversiones was founded in 1937 by Juan Yarur Lolas and a group of entrepreneurs to help support local business. It has grown to become the third largest private banking institution in Chile in terms of loans, and fourth largest by number of customers.
chinaChina Merchants BankOffering a full range of financial services – from private banking to corporate business solutions and SME loans – China’s first joint-stock commercial bank maintains a leading role in the country via a persistent commitment to its core values with an ethos of ‘service, innovation and stability’, and a modern corporate governance structure.
colombiaCitibankWith approximately 200 million customers around the world, Citibank has a renowned reputation for excellence throughout its broad range of services. With its unique transactional platforms, together with a devotion to sustainable practices and environmental initiatives, the bank has been able to enshrine its position in Colombia’s financial sector.
croatia Erste GroupThe main objective of Erste Group is to provide fitting solutions for its clients’ financial and investment requirements, and, in doing so, cement its reputation as one of Croatia’s leading private banks. By being one of the most innovative firms in the region, Erste Group has done much to spearhead the industry’s latest developments.
franceHSBCHeadquartered in Paris, HSBC France is one of the first private banks to offer both international wealth management solutions and supply solutions for business leaders and families. Drawing on the strengths of both HSBC France and the wider HSBC Group, the bank is a key fixture of the country’s banking community.
germanyBerenbergBy keeping to a steady and considered strategy, Berenberg’s approach to private banking business means working closely with clients to preserve and grow wealth for future generations. Currently in its fifth century of existence, Berenberg is recognised the world over as a dynamic private bank with a clear strategic focus.
greeceEurobankEurobank Group is a pillar of the Greek banking system, safeguarding the savings of millions of depositors and the finances of the real economy. With assets of €75bn, Eurobank holds a strategic position in retail and business banking in Bulgaria, Romania and Serbia, offers discerning wealth management services, and has a presence in Ukraine and London.
italyJPMorganAs a leading provider of financial services in Italy, JPMorgan’s presence dates back to 1929, when Chase Manhattan Bank opened the first representative office in Rome. Today, offices are based in Rome and Milan to serve clients across the private banking, investment banking, asset management and treasury and securities services areas.
japanUBSA global firm that provides an array of financial services to private, corporate and institutional clients, UBS has a presence in all major financial centres and has offices in over 50 countries. In Japan, the firm offers wealth management, investment banking and asset management services to a diverse portfolio of customers.
jordan Arab BankWith a presence across five continents, Arab Bank’s private banking services are tailored and adjusted for those hoping to make the very most of their banking requirements. The institution has grown to be renowned throughout the Arab world, and its reputation within the private banking sphere is no less prominent.
kuwaitBurgan BankAs the second-largest commercial bank in Kuwait by assets, Burgan Bank Group has a presence in both the MENA region and Turkey through five fully-fledged subsidiaries spanning over 230 branches. The group enjoys a strong leading position in corporate and private banking, while smartly growing its retail and SME franchises.
lebanonFFA Private BankTopping the Lebanese private banking market is no mean feat, but FFA Private Bank has stolen a march on the competition. With high-end customer service and product development on a global standard the bank delivers on its promise to provide the best for clients. With thorough knowledge of Lebanese markets the bank makes customers feel in safe hands.
liechtensteinKaiser PartnerHeadquartered in Vaduz, Kaiser Partner is an award-winning wealth management group with over 80 years of experience handling assets and providing unique investment strategies for families and individuals. Much of the continuous success of the privately-owned institution can be attributed to its entrepreneurial spirit and sustainable approach.
luxembourgDelen Private BankTaking great pride in its long, sustainable and productive history, Delen Private Bank offers the highest quality of service and asset management. The bank is noted for its personal touch, while focusing on many products and services across an impressive number of markets. Its innovative strategies come from a dedication to innovative planning.
mexico JPMorganPart of the global banking giant, JPMorgan’s Mexican private banking operation offers the same level of first-rate service the broader company is known for. Harnessing JPMorgan’s global reach, Mexican clients are able to get a multi-discipline, cross-border service. The firm specialises in investments, risk management, liquidity and credit.
myanmarAYA BankFulfilling private banking expectations for a large and quickly growing market across Myanmar, AYA Bank provides the very highest standard in product and service inventory across the country. The firm has steadily built up a solid branch network that continues to grow as the bank expands into new technological developments.
netherlandsABN AMRO MeesPiersonThe private banking arm of Dutch banking giant ABN AMRO has enjoyed a number of strong years in the business, establishing itself as a leading provider of wealth management services. ABN AMRO MeesPierson has developed an innovative and high-quality private banking offering for its more than 25,000 clients.
new zealandBNZ Private BankTaking a holistic approach to private banking, BNZ Private Bank offers a simple yet highly personalised range of services to its client base. The bank’s decisions are made locally, and this commitment to local opportunities has underlined BNZ’s reputation as the very best in the sector for any person in New Zealand.
nigeria FirstBank NigeriaAs Nigeria’s most valuable banking brand, FirstBank Nigeria has earned a reputation for professionalism, integrity and stability. The bank has maintained its prominence in the country’s private banking sector through the strength of its employees and recruiting individuals on the basis of three essential qualities: talent, passion and character.
nordics (denmark, finland, norway & sweden)SEBFounded a little over 160 years ago, SEB has grown to become one of the best providers of financial services to corporate customers. It prides itself on conducting business in a manner that puts customers’ needs first and aims to provide guidance over the long term, while working towards the benefit of its shareholders.
omanBank MuscatWith a strong presence in corporate, retail, investment and private banking, Bank Muscat is Oman’s leading financial services provider. It has the country’s largest network of branches, as well as international operations that stretch to Saudi Arabia, Kuwait and the UAE. The bank is among the most highly thought of for private banking in Oman.
paraguayItaú Private BankFollowing the merger of two major banks in Brazil, Itaú is now the largest private financial group in the southern hemisphere, with a presence in 19 countries. Itaú prides itself on being a partner to its clients by offering opportunities and solutions that are tailored to meet each individual’s needs. Its operations in the region continue to grow.
peruJPMorganAlthough a limited and focused service in Lima, JPMorgan has an established reputation as a frontrunner in the country’s private banking offering. Over the years the firm has thrown a lot of weight behind advancing its technological standing, and as such has created a state of the art online and mobile context.
qatar International Bank of QatarRenowned for its dedicated and relationship-intensive wealth management approach, International Bank of Qatar has done much to spearhead developments in the country’s private banking space. The bank’s focus falls on excellent customer service, and this, combined with an impressive pool of talent, has propelled IBQ’s reputation to the top.
russiaImperia Private BankingAiming to provide customers with a fresh approach to personal and private banking, Imperia Private Banking is an invitation-only private banking arm of Russian Standard Bank – an elite banking service for Russia’s most influential people. To accommodate the needs of its members, each client is assigned an account manager and 24-hour concierge service.
san marinoBANCA CIS - Credito Industriale SammarineseWith historic roots and six branches located in key areas across San Marino, BANCA CIS is a mainstay of financial services in the country, particularly for investments and savings. Its positioning amid different international markets and strong partnership with subsidiaries enables BANCA CIS to respond promptly and comprehensively to customer needs.
saudi arabia SABBAs an associated company of the HSBC Group, SABB has maintained a high level of excellence in private banking services since its inception more than 30 years ago. With access to one of the world’s largest networks of financial organisations, the bank is able to offer its customers a wealth of specialist knowledge, resources and opportunities.
slovakiaTatra BankA leader in the region’s private banking sphere, Tatra Bank is Slovakia’s premier financial institution. The bank has carved out a niche in the country’s banking climate, specialising in bespoke financial arrangements. Tatra Bank is considered a forerunner in the private banking industry, and a standard-setter for those aiming to better their operations.
south africaInvestecFounded in Johannesburg in 1974, Investec has been one of South Africa’s most successful financial institutions for the last four decades, offering a range of services to local and international markets. Its private banking division offers specialised financing solutions, foreign exchange services, and expert advice to clients across the investment community.
south koreaStandard CharteredProviding South Korean corporate and retail clients with a wide range of financial services for many years, South Korea’s Standard Chartered Bank has become a leading provider of private banking services since it opened in 1929. The bank is the largest foreign direct investor in the Korean financial services industry.
spainBanca MarchBanca March is the only 100 percent family-owned bank in Spain, with a unique business model based on joint-investment concepts and sustainable long-term profitability. Dating back to 1926, the bank has set the standard for private banking, is headquartered in Mallorca, and drew widespread praise following the EU stress test exercises.
thailandSCBFrom its beginnings in 1904, SCB helped to lay the foundations of commercial banking in Thailand. It has overcome numerous economic and political obstacles to become one of the top three banks in the country with a growing regional presence. SCB’s success is guided by its continual internal development and commitment to international standards.www.scb.co.th
turkeyYapi Kredi BankYapi Kredi Bank was founded in 1944 and is one of the largest banks in Turkey, leading the private banking market in terms of total assets and number of customers. Yapi Kredi Private Banking provides service through 22 private banking branches to more than 25,000 clients, managing assets of over TRY 38bn.
UKCouttsFor over 300 years, Coutts has managed to provide its private customers with a range of products and services that cater for their specific needs. The bank handles everything from private investments and wealth management to commercial banking and tax-planning advice. The institution is recognised as one of the leaders in private banking.
uae Falcon Private BankAn exclusive Swiss private bank specialising in bespoke wealth management solutions for private clients and families, clients of Falcon Private Bank enjoy the benefits of nearly 50 years of experience in Swiss private banking and the financial strength of its owner IPIC – a world leading sovereign wealth fund owned by the government of Abu Dhabi.
uruguaySociété GénéraleUruguay’s chief private banking establishment boasts years of experience, and has the expertise needed to be able to offer the very best product advice. The bank’s financial planning and investment proposals offer long-term solutions to clients, while its global presence makes it a standard bearer in domestic markets such as Uruguay.
us (east)Brown Brothers HarrimanThe oldest and largest private bank in the US, Brown Brothers Harriman provides a range of customised wealth management solutions and debt/equity capital to business owners and wealthy individuals. The firm offers services with a nod towards family requirements and a long-term goal of protecting and growing client wealth.
us (west)Bank of the WestBank of the West first opened its doors in 1874 and played a vital role in the development of the San Francisco Bay Area during in the following decades. Thanks to its organic growth and a string of strategic acquisitions, it now operates more than 700 branches and commercial offices across 19 western and midwestern states.