Global Private Banking Awards 2023: Winners' profiles

Best Global Private Bank; Best Chief Investment Office in Private Banking; Best Private Bank in Asia

UBS

UBS’s dramatic acquisition of beleaguered Credit Suisse, in the early summer, was the biggest news of the banking year, creating an entity with combined assets of more than $5tn. The unstoppable giant of global wealth management has unrivalled global reach and boasts more than half the world’s billionaires among its client base. “Our unique size and scale means we can offer our clients significant depth and breadth and access to best-in-class investment solutions, banking, and trading capabilities globally,” says Iqbal Khan, president UBS Global Wealth Management.

The bank says its strategy centres on accelerating growth and strengthening its market leadership in Asia-Pacific and the US. At the same time, it is heavily focused on sharpening coverage of key growth segments, including entrepreneurs, women and the next generation of investors.

Last year, the bank merged its Global Wealth Management and Investment Bank divisions to create Global Family and Institutional Wealth (GFIW) to give family offices, businesses and entrepreneurs more direct and seamless access to markets and services including structuring, financing and risk managements.

The bank’s Chief Investment Office, based in more than 18 global locations, manages more than $3tn directly, in addition to the advice it offers clients. Last year, the CIO’s strong tactical calls outperformed the baseline by 167 points, contributing to the bank’s highest profits since 2007. Clients can access the CIO’s comprehensive advice via its Advice Compass app — one of a range of powerful new tools which underscore the bank’s commitment to leading the digital field. Others include My Way Mobile, enabling clients to check and tweak their portfolios on the go, UBS Circle One, a platform recently rolled out to Asia-Pacific clients offering a range of banking services, and We.ubs, its new wealth management platform in China.

In Asia-Pacific, the bank has celebrated a series of industry firsts. It became the first wealth manager to launch an Asia-based sustainable
cross-asset portfolio with around 30 per cent exposure to Asian equities and bonds, it has added a hedge fund module to its range and offered Asian investors tokenised debt securities, dipping a toe into blockchain-based products. NK

Best Branding in private banking; Best Private Bank in the Middle East

Julius Baer

Macroeconomic factors have set the steepest challenges to European private banks over the past year. Managing them has placed high demands on internal controls on capital and the balance sheet. Julius Baer has shown a degree of skill in handling them that places the bank at the head of the field.

“Last year [2022] was one of the most challenging years ever for our clients. Not only did we face the steepest and fastest monetary tightening cycle in modern times ... we are now also confronted with geopolitical uncertainty,” says Julius Baer’s CEO Philipp Rickenbacher.

The bank achieved its second-best annual results in its 130-year history, adopting a strategic plan with three pillars: focus, scale and innovate.

“Our capital base coupled with a highly liquid and conservatively managed balance sheet are at the core of our financial strength,” says Mr Rickenbacher.

“Profitability is managed through costs and revenues — and over the last three years, we have successfully managed both of these,” confirms Romeo Lacher, group chairman.

The bank’s distinctive branding, emblazoned across major airports, ‘Formula E’ electric car racing, the Montreux Jazz Festival and sporting tournaments, targets the high net worth and ultra-high net worth market. This year, the campaign included sponsorship of the inaugural Sao Paulo Formula E-Prix, an indication of Julius Baer’s conviction that Latin America will remain a major growth market.

The bank has lately hired nearly 130 new employees throughout the region, and transferred others from Zurich, with offices dotted from Uruguay to Mexico, not least in Brazil where its subsidiary is the largest local wealth manager.

But the bank is by no means neglecting the strong presence it has built in the Middle East. Julius Baer was the first international wealth manager to obtain a licence in Dubai, and has expanded ever since, most recently with a new office in Qatar, from where it has ramped up its extensive regional financial education programme with an emphasis on the next generation. NK

Best Private Bank for Alternatives; Best Private Bank for Philanthropy Services (Europe)

LGT

LGT Private Banking has offered its clients a long-term, risk-conscious approach for more than a hundred years. This foundation has contributed to a commendable growth story; today, LGT operates from 20 locations worldwide and manages more than SFr300bn ($333bn) in private client assets.

Alongside its impact and sustainable investing strengths, LGT is expanding its extensive suite of philanthropy services in key regions worldwide. This includes joint research into the socioeconomic and cultural context of giving in the Middle East and other work in Latin America.

In 2021, LGT launched a ‘Philanthropy Advisory’ offering for its ultra-high-net-worth clients to help achieve their philanthropic aspirations through a mix of advisory, implementation, and education services.

“We envision our Philanthropy Advisory offering becoming even more of a dynamic connector between philanthropists and social impact investors, fostering a vibrant community committed to large-scale change,” says Nina Hoas, head of LGT Philanthropy Advisory.

LGT brings together ultra-high-net-worth individuals at key global gatherings and summits to pursue its philanthropic ambitions. It is looking at ways to expand its networking and outreach activities to the next generation of clients.

“We’re working on several initiatives, including the launch of a global family philanthropy gathering to bring stakeholders together. We want to be the partner of choice for those — especially the next generation — who want to align their values, business and investments for a more just world. By staying at the forefront of philanthropic trends, we hope to continue to be the indispensable sparring partner for strategic and impactful philanthropy,” adds Ms Hoas. JK

Best Private Bank for Entrepreneurs; Best Private Bank in Hong Kong

BNP Paribas Wealth Management

Although BNP Paribas has its roots firmly in Paris, the sprawling French institution has its tentacles in numerous markets across the globe.

The job it has then is trying to make all the different parts of the business come together for the client.

The solution, it says, is its “one bank approach”. Lemuel Lee, the bank’s head of wealth management for Hong Kong, says: “Our quintessential integrated model helped deepen our relationship with clients, who not only benefit from the expertise of their local private bankers but also a globally coordinated suite of service offerings from the BNP Paribas Group operating division, across wealth management, corporate and institutional banking, real estate, global markets, asset management, securities services and credit structuring teams.”

So, for example, when a “tycoon” in Hong Kong, as the bank describes them, wanted to buy a property in London it was “able to immediately locate one that was suitable with the help of the real estate team”.

And, likewise, it says it was able to complete a client’s block sell request with a one-day turnaround by leaning on its equity capital markets desk.

“Over the past 12 months, we have proven our ability to differentiate ourselves and meet the increasing expectations of the Hong Kong market amid the uncertainties and difficulties posed by the macro environment,” adds Mr Lee. “Through our close dialogue with clients, we helped them navigate through volatile markets.” CN

Best Private Bank for Impact and Sustainable Investing

Bank J. Safra Sarasin Ltd

Bank J. Safra Sarasin launched its first sustainable mandates in 1989 and later introduced its ground-breaking proprietary ‘sustainability matrix’ in 2001. Today, it remains a leader in sustainable investment and has picked up the global impact and sustainable investing award for the second year in a row.

“Since we are fully dedicated to sustainable investing as our default approach, we have been offering sustainable solutions across asset classes for a long time,” says Daniel Wild, the Swiss bank’s chief sustainability officer. “With the changes in the economic cycle and higher interest rates, we have been able to revive our sustainable solutions for products that exhibited lower demand before the market correction, such as bond or equity income strategies,” he adds.

In its continuous effort to embrace new sustainability challenges, J. Safra Sarasin has developed a new strategic initiative addressing  the  area of minerals and metals. These industries raise multiple environmental and social concerns, while at the same time playing a key role in the ongoing energy transition. The new approach involves exposure to best practice mining firms and sustainability-enabling technologies along the full value chain, combined with a targeted engagement approach to address relevant social or environmental shortcomings.

The bank firmly believes that a deep understanding of entire value chains, such as in the mining and commodities sector, will lead to opportunities for investors while at the same time contributing to the much-needed energy transition.

Forward thinking and profound fundamental research is at the heart of the bank’s investment proposition and J. Safra Sarasin has staffed up with appropriately qualified experts. SW

Best Private Bank for Islamic Services; Best Private Bank in the Middle East for Customer Service

Abu Dhabi Islamic Bank

During the past year, Abu Dhabi Islamic Bank has continued to serve its clients with innovative and new sharia-compliant products, services and business models.

The bank has four strategic priorities that guide it in its efforts to achieve its vision: continuous innovation, customer segment focus, digital excellence and ensuring a sustainable future. Its focus is on building a leading Islamic wealth base, expanding products and services delivered to its existing strong Emirati customer base, selectively adding new customer segments, growing market share and leveraging new and existing digital and technological capabilities to improve efficiency.

“As one of the largest Islamic banks in the world, ADIB is uniquely positioned,” says Amer Alameri, Abu Dhabi Islamic Bank’s head of private banking. “[We are] a sharia-inspired universal bank, offering a one-stop shop of Islamic banking solutions for individuals, corporates, financial and government institutions.

“Our strategy is clear and simple. We have a clear vision to be the world’s most innovative Islamic bank. We will continue to play to our strengths to build a competitive advantage and we have an established governance framework that ensures effective execution and risk management.”

He adds that the bank has a number of processes in place which allow it to assess challenges to different aspects of its operations. It also implemented several feedback initiatives to improve its processes, operations and services last year. JM

Best Private Bank for Diversity & Inclusion; Best Private Bank for Ultra High Net Worth Clients; Best Private Bank for Wealthy Women (globally)

Citi Private Bank

Citi’s defensive shift to bonds in 2022 enabled the bank to ride out a tough global investment environment. This has been accompanied by organisational change with a consolidation exercise carried out in the previous year  under a unified platform called Citi Global Wealth.

More than 560 bankers and 650 investment specialists occupy the wealth management space, which has posed formidable challenges in terms of coordination and coherence.

“We already had all the capabilities we needed, but they were spread around the firm. So we brought it all together,” says Jane Fraser, CEO of Citi Group.

The quality of clients is certainly impressive. More than 14,000 ultra-high net worth individuals have an average net worth of more than $400m. They include a quarter of the world’s billionaires.

In-person and online social and educational events and local networks are designed to encourage client involvement. Membership of a new Global Advisory Board is another carrot for those wanting to contribute to the bank’s strategic direction and leadership.

A Global Women Business Board has been created as part of the bank’s Women In Wealth Strategy. “Ensuring gender equality is reflected across our business comes from the top-down,” says Citi Private Bank’s global head, Ida Liu. “With so many talented women across the business, we can draw upon our own experiences to help shape how we best serve our women client base.”

Wealth transfer is another major focus; Citi Latitude, a programme to work with the next generation, sees significant take-up from the 1,500 family offices served by the bank. NK

Best Private Bank for the Next Generation; Best Private Bank for Ultra High Net Worth Clients (US)

JP Morgan Private Bank

JP Morgan has set itself the challenge of growing its client base, making a particular pitch for the younger members of families and their family offices. There is widespread satisfaction inside the bank at the results, with more than 50,000 new accounts opened since the spring, representing almost $30bn in assets.

To cope with the growth and as part of a strategic plan, the bank increased its number of private banking advisers to more than 3,000, opened new offices and launched a plethora of new digital tools and initiatives.

The concentration on younger investors is key to meeting the growth challenge, according to Andrew L Cohen, executive chairman. “We draw from our analysts and associates,” he says, “to develop tailored content and customised experiences for our next generation of clients.”

Last year, the bank held an inaugural conference in Paris, bringing together 120 clients below the age of 40 with a combined net worth of $500bn.

This sort of high-profile client event is all par for the course for JP Morgan, which has also recently hosted an audience with Henry Kissinger and Condoleezza Rice at its annual China Summit, and Ukrainian first lady Olena Zelenskyy at a New York event to raise money for Ukrainian relief.

A JP Morgan delegation recently met Ukrainian president Volodymyr Zelenskyy and signed a memorandum of understanding with the country and observers expect the bank to play a key role in post-war rebuilding and financial stabilisation. SW

Best Leader in Private Banking

Claudio de Sanctis, Deutsche Bank

Best Private Bank in Germany

Deutsche Bank

Deutsche Bank winning best private bank in Germany is a bit like the host nation of any sporting world cup walking away with the trophy.

The German financial powerhouse last won the crown in its local market in 2021 but lost out last year to Berenberg, one of the world’s oldest banks.

Investment in the business and being close to clients has been key to the bank’s success this time around, according to its head of Germany, Lars Stoy.

“The business grew strongly in revenues and new clients. It was cost effective, we invested in the platform and attracted new employees,” he says.

“Being close to our clients, with a unique client service model across 37 locations and offering them global house bank service, makes us unique in German wealth management. We are growing at an above-average rate among high net worth individuals. According to external studies, we have a 20 per cent share of the ultra-high net worth market in Germany.”

The result has been double-digit revenue growth over the last three years and, although Stoy is proud of the achievements, he says there is more to do.

“Whilst we are the market leader in our home market in wealth management, we want to create the undisputed private bank in Germany to utilise the full potential of our brand, people, and proposition,” says Mr Stoy.

“So, we have brought the business together with private banking to partner even more with our clients to serve their private and corporate needs. This transformation is now progressing, with adjusted regional structures, and a new unit for
ultra-high net worth clients.” CN

Best branding in private banking (Africa); Best Private Bank in Africa for Philanthropy Services; Best Private Bank in South Africa

Investec

Investec faces a difficult backdrop in its home market of South Africa: gross domestic product growth is cooling, and a crippling energy crisis is unlikely to end soon. These trends, together with the aftereffects of the Covid-19 pandemic, have also hit the broader private banking industry.

But Investec’s client-centric approach and international outlook mean it is well placed to grow in challenging conditions. Key performance metrics, including new private bank accounts and funds under management, continue to climb. Meanwhile, Investec says it continues to innovate to meet its clients’ needs and create long-term value.

“As our clients’ lives become more complex, we have reframed what it means to be an out of the ordinary partner. Investec’s distinctive approach focuses on building enduring partnerships with our clients, their family, and their business,” says Cumesh Moodliar, head of private client, Investec South Africa.

Investec’s One Place proposition allows clients to meet their private banking and wealth management needs, both locally and internationally, at their discretion.

This approach has helped Investec to capitalise on new and existing trends, including the ‘semi-gration’ of clients from Gauteng province to other regions of South Africa and the growing number of South Africans emigrating to the UK and beyond.

“As a global brand with an international footprint, we bring specialist teams together from private banking, wealth and investment, and our broader business across regions to provide impactful and sustainable solutions, personalised to their individual needs — locally and internationally,” says Mr Moodilar. JK

Best branding in private banking (Europe)

Lombard Odier

Lombard Odier continues to reshape the image of what a forward-thinking Swiss private bank should look like, with a high-profile branding campaign that cannot fail to reach the attention of travellers through Geneva airport who regularly consume financial media.

Its ‘Rethink Everything’ advertisements features striking images from the natural world emblazoned with single, surprising words. These are intended to convey an arresting sense of urgency about transition to a green economy.

The bank has transformed itself into a sustainability powerhouse in recent years and remains at the forefront of developing ambitiously rigorous global standards and financial offerings which prioritise the environment and natural capital.

“The sustainability revolution has become an unstoppable wave, driven by a powerful combination of forces,” says Fabio Mancone, partner and chief branding officer at Lombard Odier.

The most recent planks added to the bank’s ‘high conviction’ equities strategy are called New Food Systems, Plastic Circularity and Global Carbon Opportunities, providing investment products around innovations in eco-friendly agricultural systems, the elimination of plastic waste and carbon markets respectively.

The last year has been a ‘polycrisis’ for the globe, says Mr Mancone, who explains that the strategy intends to “position the firm as ‘a beacon in the storm’ in turbulent times”. NK

Best branding in private banking (North America); Best private Bank for Wealthy Women (North America)

Scotia Wealth Management

Scotia Wealth Management uses a financial planning philosophy known as ‘total wealth planning’. This approach emphasises a deep understanding of clients’ financial objectives and offers a customised roadmap to fulfil their aspirations. The firm says the personalisation inherent in total wealth planning brings together key specialists, strategies and tools to serve clients’ needs across the Americas.

This commitment to a full spectrum client understanding involves deepening service offerings for women and non-binary customers. This includes a signature programme, the Scotiabank Women Initiative, designed to increase economic and professional opportunities and unlock capital and bespoke education and advisory services.

Erin Griffiths, senior vice-president, client solutions, at Scotiabank describes the initiative as: “an inclusive approach to empower women to make confident financial decisions for their family, their business and their future. We provide unbiased access to financial planning, investment management, estate planning, insurance, and philanthropy, as well as resources and workshops to support our women clients navigate life transitions including retirement, divorce, and eldercare.”

The initiative is delivering benefits from a wealth management perspective, claims the bank. Client education sessions have been accompanied by staff training to increase understanding of women clients’ specific challenges and needs.

“Our advisers are trained to listen to what women value most and help them plan ahead. We continuously develop new content, including workshops on health and wellness. This unique approach delivers better outcomes for our women clients and results in a meaningful increase in our Net Promoter Score,” says Ms Griffiths. JK

Best branding in private banking (Asia); Best Private Bank in Singapore

DBS Bank

While recent banking and market troubles have dogged the US and Europe, south-east Asia has emerged as a leading growth centre for the global economy. The region’s dynamism is pulling in wealth and capital, signalling part of a broader economic tilt from East to West. DBS Private Bank says it is well-placed to capitalise on these trends and be the preferred global private bank for high net worth and ultra-high net worth clients.

Its ‘phygital approach’ to private banking, which combines top-tier digital service capabilities with a personalised face-to-face customer experience, has produced unique operational and service propositions. In particular, DBS Private Bank’s use of predictive analytics, artificial intelligence, and machine learning are all deployed to transform data into personalised customer insights.

“We offer our clients tailored research and investment opportunities, to help simplify our clients’ decision-making. Our proprietary research and ideas, together with our award-winning digibank wealth app empower clients not only to make informed decisions, but to also take immediate action,” says Joseph Poon, group head of DBS Private Bank.

Advisors are also empowered with emerging technologies to enhance their client interactions. “Our relationship managers benefit from a holistic view of client needs and preferences from a combination of data, insights, discussions, and actions,” he explains.

“This drives our cognitive banking infrastructure to provide them with enhanced insights for more impactful and personalised discussions to address our clients’ needs,” says Mr Poon.

DBS Private Bank has also bucked the market trend of reducing staff numbers by opting instead to boost its relationship manager headcount and increase training hours for all key staff.

“We believe that while technology cannot and should not replace the ‘human’ domain in private banking, it can certainly help to elevate our value-add to client relationships,” says Mr Poon. JK

Best Digital initiative in Private Banking (Europe); Best Private Bank for Diversity & Inclusion (Europe)

Coutts

The Covid-19 pandemic forced Coutts to completely revamp its traditional, face-to-face, London-centric approach to service. But turning to digital posed a whole different set of problems. The apps were outdated, sluggish and frustrating for its demanding clients.

Rectifying this has been a two-year journey, completely transforming Coutts’s approach to digital, with client experience at the fore. The bank’s digital architecture has been dramatically overhauled. Developers created a slick, mobile-first new banking app and a separate community app, after the bank learnt from research among its clients that users preferred the apps not to be combined, as they previously had been. 

The community app, called 440, allows clients to connect with one another as well as with Coutts team members. Popular Coutts offerings have been migrated on to the app, such as the Coutts Investment Club, which introduces high net worth clients to start-ups with whom Coutts has set up proprietary deals. 440 also features new services such as the Coutts Art Club, putting clients interested in art investment in touch with prominent artists, dealers and galleries.

Louisa Nicholls, Coutts’ digital managing director, explains that client feedback at every point in the design process has been key to the successful roll-out. “We’re supported by our unique client council and through their engagement we are able to build the very best digital propositions to meet our customer needs. We’re seeing record engagement with our innovative digital solutions,” she says. NK

Best Private Bank for Diversity & Inclusion (Latin America)

Banco do Brasil Private

Banco do Brasil has been operating in Brazil’s private banking market for 19 years and is among the biggest banks in terms of assets under management and the size of its loans portfolio focused on rural producers. It claims its loan default rate is among the lowest in the market. It has expanded its operations in Brazil with the opening of new offices and creation of new management positions. Its wealth management business has been boosted with the development of new portfolios and platforms.

“We are the most sustainable bank in the world, with the first female president in our history,” says Guilherme Alexandre Rossi, head of Banco do Brasil Private Bank. “We have many benefits and policies for the LGBT public, for equity, taking women to senior management positions, as well as policies for the protection and inclusion of minority groups and the respect for diversity.”

One of the main challenges is expanding the bank’s international presence. Currently, it achieves this through the structure of BB Americas and BB Securities in the US and through limited presence in Portugal and Japan. JM

Best Private Bank for Education and Training of Private Bankers (Asia), Private Bank for growth strategy (Asia)

HDFC Bank

How does a bank build out from a traditional presence in just 20 cities, admittedly a massive market in India, to a presence across the country where wealth is rapidly being created and growing?

The answer to this long-term challenge, says Rakesh K. Singh, group head, investment banking, private banking, marketing and products at HDFC Bank, is to build a ‘hub-and-spoke’ model and substantially increase personnel.

These strategic developments have enabled it to expand its Indian presence and grow profitability.

The recruitment drive has been accompanied by a strong emphasis on continuous training and up-skilling.

In addition to the bank’s internal training programme, employees complete custom wealth management programmes designed by the Indian Institute of Management in Ahmedabad and Bangalore, and the bank is about to launch its ‘virtual university’, offering staff learning modules designed in collaboration with Harvard Business School.

This is complemented by support in achieving professional certification and a programme of eminent speakers and extracurricular activities. Mr Singh ascribes success to “our continued investment year after year in human capital, technology and enhanced customer experience”. SW

Best Private Bank for Education and Training of Private Bankers (Africa); Best Private Bank in Africa

Standard Bank Wealth and Investment

Standard Bank Wealth and Investment believes one of its biggest achievements has been the development of the Shyft peer-to-peer business. Users are able to instantly send not only South African rand but any currency on the app to any other Shyft user. This service is free and also available to non-Standard Bank customers.

The bank is a supporter and trustee of Feenix, the crowdfunding platform which allows individuals and enterprises to donate money to help students complete their studies. By October 2023, the Feenix platform had raised R154.42m ($8.1m) and impacted 3,141 lives.

“As Standard Bank Wealth and Investment, we are anchored by the values of initiative, communication, accountability, relationship and excellence,” says Jacques Els, the bank’s head of wealth and investment, South Africa. “These values are at the heart of everything we do, including how we hire, train and promote our relationship teams,” says Mrs Els, who adds he is “striving to honour our promise to partner with our clients in managing, growing and preserving the generational legacy of their families.”

Relationship managers are trained to integrate offerings across wealth advisory and banking businesses, to service clients “with integrity and transparency, and to take accountability of every interaction with our clients.”

One of the bank’s challenges has been mounting competition from global asset managers entering the South African market, says Mr Els. The global race for talent is also increasing and the net emigration of high-net-worth individuals continues to be a concern, he adds. JM

Best Private Bank for Entrepreneurs (China)

ICBC Private Banking

ICBC has set itself the challenge of meeting the demand for ever more diversified assets from a wide variety of client groups.

One vehicle for achieving this are its 500-plus Entrepreneur Service Centres set up in more than 380 cities, both in China and beyond, providing investing and lending services to more than 100,000 clients.

ICBC claims to be a leader in cutting edge digitalisation and financial technology, including its ‘Intelligent Investment’, an artificial intelligence-driven asset allocation management tool that allows clients to model the effect on their portfolios of a range of parameters.

Responding to a demand for growing risk, from clients coming out of the Covid-19 pandemic, is another challenge which ICBC is tackling.

The opportunity is enormous for such an institution. The personal financial assets of Chinese residents by the end of 2022 had reached nearly Rmb250tn ($34tn), making it the second largest wealth management market in the world. SW

Best Private Bank for Family Offices (Latin America)

Bradesco Global Private Bank

Bradesco Global Private Bank aims to safeguard and manage intergenerational family wealth by, among other things, leveraging its international and domestic reach. This footprint extends to the US via Bradesco Bank and its subsidiaries and in Europe through Bradesco Europa.

Clients can access “a comprehensive platform of diverse investment opportunities across a wide geographic footprint,” according to Leandro Karam, head of commercial at Bradesco Global Private Bank. The bank’s family wealth planning services focus on preserving and managing “the patrimony of the client”. This is achieved by recognising each family’s unique history and needs and taking into account various asset types, tax efficiency, and succession planning. Bradesco Global Private Bank offers tailored solutions for each family’s specific context and, through its ‘Next Generation’ initiative, also supports customers’ heirs. JK

Best Private Bank for Family Offices (Asia); Best Private Bank in the UK

HSBC Global Private Banking Wealth

HSBC Global Private Banking Wealth recorded strong net new invested assets of $26bn during 2022, taking its total invested assets up to $364bn globally by the end of the year.

The bank maintained steady growth on “quality” new client counts, evidence that its multi-banked clients are increasingly trusting HSBC as their primary wealth manager. Hong Kong remains the largest booking centre for the private bank globally.

Over the past few years, the bank grew its Asian business with physical expansion into onshore mainland China and Thailand and enhanced its onshore Taiwan platform. Most recently, it launched in India. The expanding footprint enables it to meet sophisticated wealth needs of clients in the region with its strong brand and presence in key Asian markets.

To serve ultra-high net worth and family office clients, HSBC partners them through its Ultra High Net Worth Solutions Group, a platform that allows institutional level access to its global markets and investment banking services.

“In the UK, 2022 was also an exceptional year for our business, where strong investment flows reflected the success of our product offering,” says Annabel Spring, chief executive officer at HSBC Global Private BankingWealth.

“In the high net worth segment, we had a record year, capitalising on our ambition to be the private bank of choice for entrepreneurs and business owners,” she adds.

“As UHNW families in Asia look to diversify their wealth and investment options, our well-established global footprint well caters to their international wealth needs, particularly in key corridors within Asia and to Europe, the Middle East and Africa and the Americas.”

However, Ms Spring adds that global market volatility, uneven economic recovery paths and inflationary pressures have contributed to an increasingly fragmented macroeconomic, trade and investment environment for banks and their clients. JM

Best Private Bank for Family Offices (US); Best Private Bank for Succession Planning (US)

Northern Trust

Northern Trust has been busy. It has opened an office and appointed staff in Jacksonville, Florida, which added $1bn to assets under management, expanded its teams in Singapore and Australia on the back of record new business, and increased revenue by 60 per cent in Nashville, Tennessee — where it does not have a base — by scouring opportunities and leads at what it calls “high-touch events”, such as the Antiques and Garden Show and the Nashville Opera.

The result is wealth management revenues grew to an all-time high of $1.9bn last year, while global family office revenues jumped 25 per cent to $358m.

David Fox, president of Northern Trust’s global family and private investment office services, says: “We work every day to earn our role as a family office’s most trusted adviser. In the last year, we continued to expand our dedicated investment teams and technology solutions globally, celebrated a year of having a presence in Singapore, while adding a new regional managing director to focus on our growing client base in Latin America and Canada.”

But he admits there is more work to be done when it comes to technology.

“We continue to roll out the right technological advances for our clients, designed with their input to help them manage and track complex holdings and planning documents that may be across several continents,” he says.

“Our clients are very interested in alternative assets and, while we have made substantial strides in addressing the technology and reporting needs associated with these investments, we continue to explore more opportunities,” adds Mr Fox. CN

Best Private Bank for Philanthropy Services (US); Best Private Bank in the US

Bank of America Private Bank

Bank of America Private Bank is one of the oldest and largest private banks in the US. It serves its ultra-high net worth clients by offering a boutique experience and access to a broad range of resources and sophisticated wealth management capabilities.

In 2022, Bank of America Private Bank streamlined its family office propositions and incorporated new service features covering digital capabilities, customisable reporting and analytics and next-generation planning.

Philanthropy services also sit at the heart of Bank of America Private Bank’s work. With over 160 years’ experience and a team of philanthropic specialists that work with both grant makers and non-profit organisations, the private bank has generated a special perspective when it comes to giving.

“Bank of America Private Bank has a unique 360-degree view of philanthropy. We work with both high net worth donors and the foundations they support. This helps us bridge the gap across doers and donors,” says Jennifer Chandler, head of philanthropic solutions at Bank of America Private Bank.

Bank of America’s Study of Philanthropy, an annual piece of research on giving by America’s affluent households, has emerged as a powerful tool for philanthropists to pursue more effective and lasting acts of giving.

Private banking and other staff also participate in direct action, supporting their local communities and working in partnership with clients to effect change.

“Given our footprint, Bank of America teammates are often volunteering and coordinating events in their local community. This is where we also become that bridge and roll up our sleeves to volunteer side-by-side with our clients,” says Ms Chandler. JK

Best Private Bank for Succession Planning (Europe)

Edmond de Rothschild

Edmond de Rothschild has had a long-standing presence in Monaco for many years. It offers innovative products to a diverse client base.  These solutions are continually enhanced to meet changing market demands.

In addition, significant investments are being made across Edmond de Rothschild’s customer propositions as part of a broader digitalisation programme. This is creating several initiatives helping to boost the client experience by removing service obstacles and improving day-to-day engagements with private banking team members.

Edmond de Rothschild collaborates with clients regarding wealth planning to manage, organise, transfer and safeguard their assets. The bank claims that clients are offered a “top-tier service through a dedicated and highly specialised unit”. The objective is to devise optimal wealth strategies aligned with client objectives, offering solutions “that can adjust to individual and familial circumstances”. JK

Best Private Bank for Succession Planning (Latin America); Best Private Bank in Latin America

Itaú Private Bank

Itaú Private Bank has bucked various regional and global headwinds to maintain a strong growth trajectory in recent years. New customer numbers continue to climb, as do customer satisfaction scores. According to Itaú Private Bank, this success is attributable to focus on the client, development of long-term relationships, and product and service innovation.

“Significant and ongoing” investments into digital capabilities covering both front- and back-end operations are helping Itaú cater to new customer demands and market trends at pace. This includes use of “cutting-edge technology”, including big data analytics. It is also working on a new digital platform for clients and employees that is entirely cloud-based.

“At Itaú Private Bank, digital innovation is key to achieving our strategic objectives and continuously increasing customer satisfaction,” says Fernando Mattar Beyruti, head of Private Bank Global.  “Our commitment to digital innovation can be seen through the large investments that Itaú Unibanco has made in technology in recent years. We want our customers to see Itaú as a technological and innovative company like Google, Apple or Amazon.”

Itaú Private Bank also maintains strong in-person relationships and dialogue with clients through an extensive schedule of live events and other meetings. This includes gatherings focused on investments, macroeconomics, and empowering women in business and finance, among many others. This is accompanied by online educational content and financial education platforms, covering topics like investing, behavioural finance and illiquid investments. JK

Best Private Bank for Ultra High Net Worth Clients (Europe); Best Private Bank in France

Indosuez Wealth Management

How does a wealth management arm of a global bank enable its ultra-high net worth (UHNW) clients access opportunities provided by its giant parent group?

This was the challenge Indosuez Wealth Management faced when it considered how best to develop its relationship with its parent, French bank Crédit Agricole.

The prize for getting this masterclass in synergy right is high as Indosuez is a rising player in wealth management, with €130bn ($137bn) in assets under management.

The solution? Creating a new Private Investment Banking (PIB) division to combine the strengths of Indosuez and Crédit Agricole Corporate and Investment Bank (CIB).

CEO Jacques Prost explains: “PIB draws on Indosuez and Crédit Agricole CIB’s respective expertise to enable family holdings to strengthen their traditional activities, diversify into new sectors, manage the shareholder structure and governance, and optimise their financial investments. “Combining wealth management and the CIB allows the bank to service clients both privately and professionally,” he says.

Every UHNW client now has access to a dedicated team of six advisers, comprising senior bankers, asset planners and wealth managers, who send the CEO a monthly report on each of their UHNW clients. The UHNW teams worldwide have a monthly call to co-ordinate. Mr Prost also makes a point of meeting all the bank’s UHNW clients regularly.

The strategy of streamlined co-ordination across the group has made for many synergies, such as the creation of the Startup Connections platform. This allows Indosuez clients to connect directly with Village by CA, Crédit Agricole’s network of accelerators and start-ups in France, Luxembourg and Italy for equity investment and business relationships.

Sustainability is another key focus for the bank, most recently through the launch of Indosuez Blue Cycle, which creates investment products centred around environmental transition and water management. SW

Best Private Bank for Wealthy Women (Europe)

ABN AMRO Private Bank

ABN AMRO has taken notable strides to make finance more inclusive and accessible, especially for women entrepreneurs. In partnership with consultancy McKinsey, it published a market-leading study into women and finances in 2022, presented to the Royal Household in the Netherlands.

The insights gained through this research helped ABN AMRO refine its approach to inclusive banking by addressing women’s specific obstacles and ensuring more equitable financial opportunities.

“Women entrepreneurs face different specific needs and barriers during each phase of growing a business. The biggest challenge we faced was discovering these underlying barriers. By changing our tone of voice and offering solutions like a women entrepreneur community, we are addressing these barriers and increasing long-term engagement,” says Choy van der Hooft-Cheong, chief commercial officer, wealth management at ABN AMRO.

The bank also established a community for women entrepreneurs in the Netherlands to connect these individuals and address their” unique challenges”. JK

Best Private Bank in Europe; Best Private Bank in Switzerland

Pictet

Pictet has shown the importance of developing a culture that blends with the entrepreneurial nature of its clients, many of whom run and own prosperous independent family businesses.

Pictet is not only one of Europe’s largest privately owned banks, it is still controlled by the same family that founded the bank in 1805.

The bank has 30 offices around the world, half of them in Europe. In April, it moved its European headquarters from Luxembourg to Frankfurt, with a view to tap into the large pool of talent and the comprehensive financial services infrastructure in the German city, which the bank believes will enable it to offer an even higher level of service and expertise to clients.

Another notable change is the appointment of former Goldman Sachs high-flyer Pedro Gonzalez Grau as new head of Pictet Wealth Management Iberia, fresh from his successful stint as chairman of MoraBanc. Pictet has also doubled the size of its Nordic team, a response, the bank says, to strong interest from clients in Scandinavia.

Pictet has won the Europe and Switzerland awards 11 and 12 times respectively. Boris Lovenfosse, deputy head of Pictet Wealth Management Europe, who says the bank is honoured by that achievement, is confident the bank remains on a propitious trajectory.

“Despite the instability that has hit the banking sector earlier this year, Pictet has experienced significant inflows in both regions, thanks to the group’s financial solidity, independence and long-term investment focus,” he says. NK

Best Private Bank in Australasia for Customer Service

Westpac Banking Corporation

Westpac Private Bank offers a client experience centred on flexible and personalised service, innovative digital tools, and a broad suite of investment options across public and private markets. This approach has contributed to high customer satisfaction figures. It also differentiates its private banking strategy from the larger mass-affluent framework of its market peers, according to Westpac.

“It’s part of our DNA to seek feedback and listen closely to the needs of our high net worth (HNW) clients. We remain focused on continuously innovating our service offering and being in-step with client expectations,” says Ashley Stewart, managing director, private wealth at Westpac Group.

But as Australia’s economic outlook darkens and volatility in global markets continues, the headwinds facing the domestic wealth management market are expected to build. In a more complex and high-risk environment, Westpac says its customer service approach provides clients access to global market and investment specialists, ensuring they have the support to navigate emerging challenges.

“We offer a flexible service model that enables clients to choose how they would like to be supported. Each HNW family is provided with a dedicated private banking team and access to subject matter experts to support their complex lending, investment and banking needs,” says Mr Stewart. JK

Best Private Bank in CEE for Customer Service; Best Private Bank in Hungary

OTP Private Banking

OTP Group’s biggest achievement during the past year has been its exceptional growth, including the acquisition of Ipoteka Bank in Uzbekistan.

OTP now has a presence in 12 countries in the central eastern Europe and central Asia regions. The rollout of head office processes to other parts of the group has been an important element of its strategy.

“We are devoted to digitalisation, searching out cutting edge solutions to enhance our processes and our clients’ satisfaction,” says Attila Bánfi, managing director of OTP Global Markets. “We believe the most valuable private banking service is investment advisory. Furthermore, this is supported by the appropriate segmentation of our customers, on which we place special emphasis.”

The private bank has more than 39,000 clients and manages €9.3bn ($9.8bn) in customer assets. In Hungary alone, it has 24,500 clients and a market share of around 34 per cent based on managed assets.

The biggest challenge is meeting the constantly evolving market conditions, customer needs and regulatory environment, says Mr Bánfi. To keep pace with these continual changes it is necessary for banks to transform themselves, he says. JM

Best Private Bank in Central and Eastern Europe; Best Private Bank in Austria

Erste Group Bank AG

Erste Private Banking has achieved a year-on-year increase of 7.8% in its overall client count, resulting in a total of 23,223 clients.

Its focus on highly-individualised discretionary portfolio management has been one of the main drivers of business growth and client retention.

Erste’s volumes in managed solutions have been growing the fastest, in part because of the strong performance of its portfolio management team.

“Our success is built not just on our investment expertise but also on our ability to understand our clients’ diverse needs and follow them through different life stages, adapting our solutions to meet their changing requirements, all while embracing innovative technologies,” says Maximilian Clary und Aldringen, Erste’s head of private banking and wealth management.

“We take immense pride in being recognised as the leading private bank in Austria. Our pioneering spirit is evident in our role as the trailblazers of private equity development in Austria. Our success story in central and eastern Europe is driven by our unique ability to combine personalised service with a comprehensive product offering, thanks to our highly innovative parent bank. Our digital processes and customisable asset management solutions have made wealth management efficient and effortless, resulting in consistent growth of assets under management.”

The bank recognises the complex challenges that the banking industry is facing through regulatory changes, rapid technological innovation and shifting client expectations, says Mr Clary und Aldringen. To address these challenges, it is enhancing its regulatory compliance measures and ensuring that it adheres to evolving regulations while delivering excellent customer service. JM

Best Private Bank in Latin America for Customer Service; Best private bank in Peru

BBVA Global Wealth

Economic conditions across Latin America have been mixed in the aftermath of the Covid-19 pandemic. While some markets have boomed, others have stagnated. BBVA has navigated this environment’s ensuing opportunities and challenges to produce another year of commendable growth in various markets, including Peru.

BBVA pins some of this success on its client relationship model that underscores frequent interactions, especially during uncertain market conditions. Improved customer contact, outreach, and segmentation efforts have contributed to a significant uptick in new affluent clients and associated assets under management.

BBVA’s positive growth momentum also reflects the impact of dynamic new offerings, including ‘New Gen’, an online investment platform tailored to self-directed investors. It is designed to provide a comprehensive spectrum of conventional and digital assets, including bitcoin and ethereum.

Investors can also explore and rank 11 distinct investment themes aligned with their preferences and market perspectives.

Beyond its investment propositions, BBVA has enhanced its engagement with women entrepreneurs. This includes workshops hosted across Latin America to address specific topics of interest and challenges facing this client segment, as well as specialised coaching sessions. BBVA also offers the Global Wealth Life Programme, which provides a range of non-financial benefits spanning art, culture, sports, entertainment, health and education for high-net-worth individuals.

As the region’s economy looks set to cool over the near term, the array of challenges facing BBVA is likely to climb. In particular, a more sluggish macroeconomic backdrop could stiffen competition in the regional private banking market and expose ramp-up new and existing pressures on BBVA and its peers. JK

Best Private Bank in Australia

NAB Private Wealth

NAB Private Wealth has strengthened its position in Australia’s private banking market through organic and inorganic growth in recent times. In particular, brand development and product innovation have been accompanied by acquisition of Citibank’s wealth management business in the country.

In response to spiking client demand for sustainable investment offerings, NAB Private Wealth launched a range of environmental, social and governance (ESG)-focused exchange traded funds in 2022.

“Our clients are increasingly interested in investing for purpose as well as profit. They are not alone,” says Michael Saadie, executive, NAB Private Wealth.

“The total value of ESG investments managed in Australia already represents about 3 per cent of the global market for ESG investing — this is high considering our economy accounts for only about 1.8 per cent of global gross domestic product.

“It’s with this in mind that we’ve broadened our suite of ESG-compliant investments across markets, sectors and asset classes, always guided by our responsible investing framework — a first of its kind in Australia,” he says. JK

Best Private Bank in Belgium

BNP Paribas Fortis

BNP Paribas Fortis overhauled its commercial structure at the end of 2022, to provide an “integrated, one-single relationship manager-model” across all client sectors. This was a demanding challenge, involving role changes for many staff. The bank says the move has proven hugely successful.

Supported by the bank’s renowned Pax Familia platform — an advanced and user-friendly digitalisation programme — its private bankers can now create portfolios directly and provide information, wealth management plans and transparency to clients with greater efficiency.

The year’s other big challenge has been on the environmental, social and governance front, in which the bank is a leading player, adjusting to new European reporting obligations.

Stéphane Vermeire, general manager of affluent and private banking, says the positive impact has been felt at many levels. “Our asset managers can more easily identify which companies to invest in, which are better in terms of sustainability,” he says. “Investors can more easily… choose those that meet their sustainability preferences.” NK

Best Private Bank in Bermuda

Butterfield

One bank’s woes are another bank’s opportunities. Hence when Credit Suisse collapsed into the arms of UBS, Butterfield was there to snap up trust assets in Singapore, Guernsey and the Bahamas. A significant number of new clients followed as a result.

Building personal relationships with clients is a key focus of management intent at Butterfield, with private bankers acting as a single point of contact for customised wealth management and auxiliary services.

The offering includes art advisory and financing, along with health services. Butterfield, which operates in 10 countries, has made a mark by providing UK residential mortgages in prime central London and the Home Counties, carving out a niche for non-resident high net worth individuals who do not fit a typical income profile.

“As a relationship-led full-service bank and trust company, our continued focus has been on delivering exceptional service,” says Michael Neff, managing director of Bermuda and international wealth at Butterfield. SW

Best Private Bank in Brazil; Best Private Bank in Colombia

BTG Pactual

BTG Pactual in Brazil and Colombia focuses on”delivering fully integrated private banking solutions” to clients.

BTG Pactual Wealth Management’s total assets under management (AuM) reached $103.2bn in December 2022, an increase of 28% since December 2021 and 112 per cent since December 2020. One of the main factors behind this AuM growth was a 43 per cent jump in the number of wealth management client-facing staff in Latin America since 2020.

“Our customer service stands out by providing clients with a complete and unique experience in financial services,” says Rogerio Pessoa, partner and head of wealth management. “This is a value, an essential part of our DNA. Our corporate culture, centred on a ‘meritocratic partnership’, combines customer focus, agility, excellence, autonomy and long-term vision. In this context, we have built a hub, a complete investment solution ecosystem with a one-stop shop and holistic approach — a successful business model in which both our local and international teams work in close synergy to provide our clients with global financial advisory services.”

This approach combines a thorough assessment of clients’ medium to long-term goals — considering important factors such as suitability, risk tolerance profiles, expected investment returns, liquidity requirements, market challenges and opportunities, among others — with the most appropriate asset allocation recommendation in the onshore and offshore environments. In this way, an adequate and dynamic portfolio balance can be reached, claims the bank.

In terms of technology and digital solutions, Mr Pessoa says one of the main challenges is anticipating industry trends and developing first class digital solutions, including artificial intelligence. JM

Best Private Bank in Canada

RBC Wealth Management

RBC Private Banking continues to enjoy the biggest market share among the ‘big six’ private banks in Canada — it says it has at 32 per cent market share by revenue, 34 per cent by deposit balance and 29 per cent by loan balance.

“RBC Wealth Management’s brand strength, global scale and comprehensive suite of investment management, estate and trust services, full-service advisory business, banking and credit solutions, wealth planning, insurance and strategic philanthropic advice have earned us the right to be the trusted choice of thousands of wealth management clients in Canada,” says Sandra Aversa, senior vice-president, products and strategy at RBC Wealth Management.

She adds that — in an ever-evolving economy and investment landscape — RBC strives to meet the dynamic nature of customer needs and to help clients reach their financial goals. RBC recognises how important it is to adapt and innovate, as being a client’s trusted adviser is not a static achievement but an ongoing commitment.

In that vein, the bank is pursuing new digital and product innovations including digital and virtual onboarding; wealth planning tools that allow clients to see a total picture of their wealth across institutions and globally; innovative trust and estate solutions that give clients peace of mind for future generations; and expanding into additional services such as health and lifestyle. JM

Best Private Bank in Chile

LarrainVial

During the past year, LarrainVial’s main achievement has been to improve its assets under management (AuM), revenue and net profits.

The bank says it has been able to do this through the implementation of a number of efficiency projects — including the training of bankers (this halved its wage bill), the digitalisation of critical business processes and the improved use of its portfolio solutions service by new advisory businesses it incorporated.

“The main reason [for our success] is not because we are the largest in terms of numbers –AuM and  revenue — but in our ability to innovate, invest and make changes to our business model,” says Gonzalo Cordova, LarrainVial’s chief executive officer, wealth management. “We were the first to open the product architecture, the first to change the way we remunerate our bankers, the first to create a portfolio solutions team, the first to form our own team of bankers and the first to invest in new distribution channels.”

He adds that the challenges the bank is facing are industry-wide ones — automating and digitalising processes to be more efficient, onboardings, documentation signatures, investment recommendations and communication with clients via social networks. JM

Best Private Bank in China

China Merchants Bank

In 2007, China Merchants Bank became one of the country’s first commercial banks to launch a private banking arm. Since then, CMB Private Banking has grown in a competitive market using a wide network of service centres, varied products and tailored client services.

These strengths have been boosted by CMB Private Banking’s approach to digital innovation. Family trust services have also been extensively digitised, benefiting clients through shorter approval cycles and greater service efficiency.

“With the assistance of financial technology, family trusts are now becoming more accessible to millions of families. In the past, family trusts heavily relied on manual processes, which were time-consuming and labour-intensive,” says Wang Yanrong, general manager of the private banking department at China Merchants Bank.

In 2023, CMB Private Banking became the first institution in China to manage assets of more than Rmb100bn ($13.8bn) for both family offices and trusts.

Nevertheless, CMB Private Banking and its market peers face several pressing challenges in China’s current economic climate. A deteriorating growth outlook and a debt-laden real estate sector are chief among them and could limit opportunities for expansion over the medium term.  JK

Best Private Bank in Croatia

Zagrebacka banka/Unicredit Group

Zagrebačka banka, part of the Unicredit Group, says its main achievement during 2022 was the successful transition and adoption of the euro.

The euro adoption process at Zagrebačka banka started in March 2021 and was its main project last year. The bank says it was a demanding project but, once completed, it made Croatia the 20th country, and Zagrebačka banka the sixth member of the UniCredit Group, to operate in the eurozone.

On January 1, 2023, Zagrebačka banka completed its last annual balance sheet in kuna, switched all applications to the euro and opened all direct channels to clients. The next day, on January 2, all Zagrebačka banka’s branches were open and operating at full capacity.

“The main factors that define private banking of Zagrebačka banka are strong brand, experience and knowledge of our employees and relevant solutions that focus on bringing value to our clients,” says Helena Ćorić, head of private banking at Zagrebačka banka.

She adds that the biggest challenges the bank is facing include keeping pace with ever-advancing technology, further regulatory changes and competition from its peers and new entrants. JM

Best Private Bank in Denmark

Nykredit Private Banking

Nykredit says its position as one of Denmark’s oldest and largest financial services groups, and an important pillar of the Danish economy, helps balance profitability with societal value. Its private banking arm shares this approach and emphasises responsible wealth management through deep and enduring client relationships and a commitment to sustainability.

To enhance relationship between the customer and adviser, Nykredit Private Banking has created a personalised website for each of its bankers to allow customers to understand these team members’ broader professional lives. This is coupled with customers’ ability to book meetings directly through an adviser’s calendar.

Meanwhile, Nykredit Private Banking has entered a partnership with Nordic Female Founders, an organisation dedicated to advancing female entrepreneurs and addressing the gender disparity in the Danish marketplace. This tie-up will assist female entrepreneurs in preparing for engagements with potential investors and other partners and includes a range of other initiatives to boost female founders. JK

Best private bank in Egypt; Best Private Bank in Kuwait

Ahli United Bank B.S.C.

Challenging macroeconomic headwinds in 2022 posed a test for Ahli United Bank. As interest rates increased, the bank focused on cash and fixed income securities with extremely attractive yields. “Volatility also allowed attractive pricing for capital protected structured products, enabling clients to take exposure to risk asset classes with the comfort of principal protection,” says Richard Jablonowski, group head of private banking at Ahli United Bank.

The bank’s importance as a regional player was signalled by Kuwait Finance House when it acquired Ahli in October 2022, at an impressive $10.7bn valuation. The combined entity will have 685 branches with a presence in 12 countries.

“This transformational transaction will create a leading sharia-compliant bank in the regional and global banking space, enabling us to improve the breadth and depth of services we deliver to private banking clients,” says Mr Jablonowski.

Sharia compliance in its private management and wealth management services has proved a huge carrot for ultra-high net worth clients, claims the bank.

Ahli United itself swallowed up Citibank’s consumer banking service in Bahrain last December. “This acquisition has significantly enhanced our market share in the highly profitable retail banking business and expanded our reach into the premium segment which serves as a feeder channel into private banking,” says Mr Jablonowski. SW

Best Private Bank in Finland; Best Private Bank in the Nordics

Nordea Bank

Nordea Private Banking is the largest private bank in the Nordics. Its growth strategy centres on entrepreneurs, new wealth and acquiring “non-private banked” customers from across the region. To achieve these goals and grow in a dynamic and tech-savvy market, Nordea is pivoting to a hybrid service model where customer relationships are nurtured both in person and through digital channels.

“We let our customers decide where, when, and how it suits them best to interact with us. Their preferences and availability — as well as the segment to which they belong — determine how we engage with them,” says Snorre Storset, head of asset and wealth management, Nordea Bank.

Nordea is pushing ahead with a range of internal and client-facing digital changes to boost its service offerings. This includes the integration of remote meetings and hybrid events involving the participation of digital and physical participants. Moreover, investment performance and reporting capabilities in the mobile application have also been boosted.

“We put great effort into providing customers with a genuine omnichannel model, meaning that they experience us consistently every time, both online and offline,” he says. “And we continuously develop digital solutions which are available for our customers whenever they need them.”

But Nordea is operating in one of the most digitalised financial services markets worldwide. Keeping up with changing customer expectations and requirements in a competitive market will continue to be a challenge, particularly as agile new market entrants disrupt the provision of financial services across the Nordics. JK

Best Private Bank in Greece

Eurobank

Eurobank stresses its capacity to co-ordinate offerings across multiple jurisdictions, namely Cyprus, London and Luxembourg, in addition to its home market, Greece. Its goal is to enable clients anywhere to reap the advantage of all four business environments. “The main challenge is to harmonise country teams to think and act as one,” says Lia Pittaouli, head of private banking Greece and deputy general manager, who explains that prices, documentation and systems in the different countries are also being aligned.

Eurobank has been proactive in achieving new client referrals, especially via its large corporate and shipping divisions, the traditional strongholds. The bank is at the forefront of the biggest residential construction projects in Greece, particularly popular with family offices in the shipping industry who are keen to diversify their business profiles.

The bank has been reviewing clients’ loan collateral and shifting to bonds with locked yields. This is in response to macro-economic factors such as high inflation and rising interest rates. NK

Best Private Bank in India

Kotak Mahindra Bank Limited

Kotak Private Banking, a division of Kotak Mahindra Bank, may be one of the oldest private banking institutions in India but it is also at the forefront of wealth management in the subcontinent and beyond.

The bank provides clientele, who include more than half of India’s richest 100 families, with a comprehensive range of financial products.

Kotak’s transition to digital was accelerated by the Covid-19 pandemic but the bank says new digital platforms have been enthusiastically adopted by clients, augmenting customer experience while boosting company productivity.

Kotak Optimus, one of the first discretionary asset allocation-based alternative investment funds at the time of its launch, remains popular, while the bank also provides tailored wealth management solutions. Its large succession planning subsidiary is busier than ever and two curated programmes, ‘NexGen Connect’ and ‘Leading Ladies’, help young people and women respectively engage with the financial world. SW

Best Private Bank in Italy

Banca Generali

Nine successive interest rate hikes by the European Central Bank have tested Italy’s private banking sector. Banks have responded with innovation and product development at one level, and increased efficiency at another.

One such is Banca Generali, halfway through a three-year strategic plan that has transformed its offering, with innovations that include an expanded in-house range of investments, new environmental, social and governance-focused sub-funds, a platform dedicated to family offices, and active women’s empowerment, diversity and next generation programmes.

Banca Generali CEO Gian Maria Mossi hails the launch of a banking operation in Switzerland that “opens the door to a new and very interesting pool of customers,” and a Luxembourg-based SICAV fund (a collective investment scheme), to augment access to private markets for its clients.

Meanwhile the bank is pursuing partnerships, including one with BG Saxo Sim, a joint venture with Denmark’s Saxo Bank, which provides a comprehensive trading platform. There is also an agreement with First Advisory, a major private insurance broker.

The result is a dynamic approach. “Our job is not only analysing investments, but also… supporting customers with the challenges facing their company or generational transition. It’s no coincidence that in recent years we have become a trusted point of reference for entrepreneurs on these issues,” says Mr Mossi. NK

Best Private Bank in Korea

Hana Bank

South Korea’s economic growth has moderated in recent times, as the fortunes of key trading partners have taken a hit. But Hana Bank has bucked these challenges by increasing its assets under management in 2022, while evolving product and service offerings in pursuit of new development opportunities.

Digital innovations, in particular, are shaping Hana Bank’s prospects and broader business model. This includes the launch of a personalised wealth management platform based on artificial intelligence technology, known as AI Wealth service.

“AI Wealth service enables the provision of differentiated portfolio management tailored to an investor’s preferences based on big data analysis of their existing portfolio investment,” says Young Hun Kim, deputy president and group head of Hana Bank’s wealth management group.

“It can suggest the best portfolio investment and asset allocation depending on market conditions through a forecasting investment model using a self-developed algorithm.”

AI Wealth has driven significant customer engagement with more than 400,000 monthly active users, according to Hana Bank.

Digital service offerings linked to the retirement needs of South Korea’s ageing society have also been launched, as Hana Bank develops a service suite and ecosystem of wealth products to cater to this market segment. JK

Best Private Bank in Luxembourg

Société Générale Private Banking

Located at the heart of Europe, Société Générale Private Banking Luxembourg is the European hub for the wealth management arm of the eponymous French bank.

Established in 1893, Société Générale Luxembourg is the oldest foreign banking institution in the Grand Duchy. It offers services to business customers, institutional investors (securities services) and high net worth individuals (private banking).

“In this organisational matrix, SGPB Luxembourg can handle very diverse wealth situations worldwide,” says a spokesperson. “Our teams collaborate with our clients to structure innovative solutions to help accelerate their international development and fulfil their ambitions. Our teams include specialists in international wealth engineering and asset management.”

Furthermore, the SGPB network relies on Société Générale Luxembourg’s “dynamic and innovative” trading rooms to create tailored structured products. It provides “value-added expertise” in wealth management and has demonstrated an ability to offer multi-jurisdictional wealth planning solutions.

The financial markets context and the increased need for financial sophistication and diversification have led to higher expectations of private bankers in terms of proximity and availability. JM

Best Private Bank in Malaysia

OCBC Bank

OCBC Bank Malaysia launched its Premier Private Client offering to tap into a growing community of high net worth individuals back in 2018. Despite stiff competition in Malaysia’s private banking market, OCBC Bank Malaysia says it has developed an edge since then, thanks to its lack of legacy systems and its openness to new ways of doing business.

This includes expanding coverage beyond traditional wealth centres through ‘borderless client advisers’ and a strong multi-channel strategy.

“We synergise our bricks-and-mortar branches with technological innovation revolving around assisted digitalisation — where our front liners are equipped with state-of-art digital tools,” says Anne Leh, OCBC Bank Malaysia’s head of consumer financial services.

These tools include RM Chat, a banking chat service with a “military-grade, end-to-end encryption system” to support trades and banking transactions.

OCBC’s approach in Malaysia is bearing fruit; client numbers have continued to expand in recent years, while its focus on digitalisation has also pushed down the bank’s cost-to-income ratio. JK

Best Private Bank in Mauritius

The Mauritius Commercial Bank Ltd

Before Twitter re-branded itself as X, Mauritius Commercial Bank’s (MCB’s) private banking arm had become M.

Its award-winning new logo, featuring the letter in the centre of a stylised lotus flower, is designed to symbolise the importance of “creating valuable and virtuous ecosystems”.

Based on a climate change-vulnerable island in the Indian Ocean, it is no surprise that environmental consciousness runs right through the bank’s strategy, from its emphasis on environmental, social and governance investments to its eco-friendly headquarters building.

The bank says both domestic and international new investors are drawn to its high quality fintech and investment expertise — the bank is a particular specialist in African investments.

“We continue to maintain relentless focus on cultivating premium client relationships, by providing tailored solutions,” says MCB’s CEO Alain Law Min.

The bank places a particular emphasis on ‘democratising investment’ and has lowered its investment threshold, creating a new range of attractive products for smaller investments. SW

Best Private Bank in Mexico; Best Private Bank in Spain

Santander Private Banking

Santander Private Banking (SPB) has had strong results this year, despite significant global headwinds — its year-on-year operating margins jumped by 67 per cent and profits after tax by 112 per cent.

As a global private bank, it places emphasis on collaborating between geographies and business segments. By leveraging global banking capabilities, it reported a 42 per cent rise in business from investment banking and corporates during 2022.

“SPB’s private banking culture follows an advisory-driven business and every day we are becoming more digital, sophisticated and focused on having the best talent to serve our clients better,” says Alfonso Castillo, its global head of private banking.

“We offer an ever-evolving, highly sophisticated value proposition with a wide range of best-in-class investment products,” he claims.

“Our private wealth segment offers our ultra-high net worth clients customised, global solutions in various areas, such as investment banking, wealth planning, real estate advisory and lending.”

The main challenges the bank is facing are common among the banking industry today, adds Mr Castillo. One is data security. As is the case with every bank, SPB is subject to cyber security threats and must ensure the safeguarding of its clients’ data at all times. It counts on “cutting-edge” technology to do this.

Another challenge is disruption. Digital platforms and fintechs continue to disrupt traditional ways of banking.

SPB is undertaking a number of initiatives to ensure it remains competitive, including exploring new products and services to meet clients’ evolving needs.

The bank must also be abreast of the regulatory environment to ensure proper compliance. It continues to invest in talented individuals, as well as the best technology, says Mr Castillo. JM

Best Private Bank in Monaco

Barclays Private Bank

Barclays Private Bank claims to be a top performer in the principality of Monaco in terms of credit and deposits and the bank marked its centennial anniversary in the principality in 2022.

“We held a series of activities and events throughout the year to celebrate our history and demonstrate our commitment to the region,” says Gerald Mathieu, chief executive officer Monaco and head of private bank Europe and Middle East. “This commitment has recently been further evidenced with the extension of our office space — taking over the fourth floor of our iconic building in the heart of Monaco — physically demonstrating our commitment to being present for our clients here.”

During 2023, Barclays Private Bank unveiled a new global brand identity and Monaco was the first country to support the launch of its ‘Influence Tomorrow’ campaign with a programme of print, digital and out-of-home advertising.

Mr Mathieu says that continuing to attract individuals with new and diverse skills is always an area of focus for the bank. The competitive nature of the global job market presents challenges and hurdles that it has to overcome.  Commentators say this challenge in Monocao is even steeper than in other jurisdictions.JM

Best Private Bank in New Zealand

ANZ New Zealand Private Bank

ANZ Private has navigated a more volatile global market environment with poise; recording enviable customer satisfaction scores despite rising economic uncertainties and a shifting social and business landscape in the post-Covid-19 pandemic era.

Against this backdrop, ANZ Private has supported clients’ transition to digital channels through education, outreach initiatives and a dedicated private client support team.

This has provided customers with digital tools to manage money. But, according to Glenn Stevenson, general manager of ANZ Private, this has not come at the expense of the human touch.

“Our digital tools complement — not compete with — premium, personalised customer service. As we’ve advanced our digital offering to make everyday banking smoother and safer, we’ve invested in a specialised team to strengthen our connection with our clients,” he says. JK

Best Private Bank in Oman

Bank Muscat

Bank Muscat Private Banking has held a prominent position in Oman’s wealth management market for more than 20 years.

As private wealth across the sultanate, and broader Gulf Co-operation Council, has grown over this time, the investment preferences of high net worth clients have pivoted to opportunities in international markets.

These changing investment preferences reflect a massive generational wealth shift, as older family units that sourced their wealth from the oil sector give way to a new generation of millennial entrepreneurs operating in non-oil sectors.

Bank Muscat Private Banking, through its experienced in-house teams and international networks, has met this demand by offering customers a mix of asset classes spread across different geographies.

For Bank Muscat, this transition presents both challenges and opportunities. But the roll-out of strong digital platforms and personalised offerings is helping put its teams in a position to tap into long-term potential of this new private banking landscape. JK

Best Private Bank in Poland

mBank S.A.

mBank says last year was a difficult one for customers, owing to high inflation and the war in Ukraine but that it was able to maintain the value of its assets and increase its customer base.

The bank took  steps to match deposit and investment solutions to customers’ needs, stemming from the more complicated market situation.

Furthermore, mBank significantly improved its communication effort to keep its clients informed and engaged. Aleksandra Żukowska, head of the private banking department at mBank, talks of an innovative approach to private banking, where we combine great customer service with technological advancement.

“Being the first mobile bank in Poland set us on our innovation path a long time ago. We constantly deliver great value and digital solutions that save time and effort while still maintaining relations.”

She says the bank’s main challenge is its customers’ concerns about the global economy, along with maintaining investment performance in the context of high inflation and geopolitical risks. JM

Best Private Bank in Portugal

Banco BPI

During the past year, one of Banco BPI’s main achievements has been to establish BPI Wealth, an independent investment advisory service targeting ultra-high net worth individuals.

Operating under the Markets in Financial Instruments Directive (MiFIDII) regulations, it amounts to a “unique offering” in the Portuguese banking landscape. Through BPI Wealth, Banco BPI aims to elevate the level of service provided to this segment, while also attracting new clients seeking comprehensive wealth management solutions.

“BPI Wealth stands out due to its simplified cost structure, which includes an upfront annual advisory fee, access to a wider range of investment options and use of clean share classes,” says António Luna Vaz, the bank’s private banking executive manager. “This approach ensures clarity and allows clients to clearly understand the value they receive.”

The wealth management industry is highly competitive, he says, demanding constant innovation and adaptation to meet ever-evolving client needs.

Embracing digital tools in this context is challenging — how to leverage technology without sacrificing the personal touch and trust at the core of its client relationships is key.  JM

Best Private Bank in Romania

Banca Comercială Română

Erste Private Banking Romania, part of Banca Comercială Română, reported record revenues of €17.73m ($18.64m) in 2022, a jump of around 20 per cent on the previous year.

After reaching almost 3,000 clients at the end of 2022, the bank managed to raise client numbers to 3,075 by the end of June 2023.

“It is highly important for us to offer excellent service to our customers,” says Ana Maria Beznoska, head of Erste Private Banking, Banca Comercială Română. “This is a guarantee for a healthy increase of our portfolio. “

Based on the bank’s annual survey, more than 30 per cent of clients started using Erste Private Banking services from a referral. Erste Private Banking is also taking advantage of synergies inside and outside the bank.

“New clients are attracted from the excellent collaboration with the other departments in the bank, public events, mergers and acquisitions deals and other opportunities,” says Ms Beznoska.

Erste Private Banking operates in a dynamic market, she adds, explaining that competition in attracting and retaining new clients can create a challenging environment. JM

Best Private Bank in Slovakia

Tatra Banka

Tatra banka set itself the tough challenge of bringing net sales of environmental, social and governance products up to a quarter of the total of all product sales in 2023. In fact, it attained 36 per cent and the number continues to rise.

The bank is a pioneer of a wide range of investment products and services in the rapidly developing Slovakian market, says Marek Neckár, head of private banking at Tatra.

However, the past year has seen returns under pressure, in line with many banks in similar markets. “We have managed to compensate for this trend by using investment certificates, where clients were able to make significant profit,” he says.

The investment certificates, a form of structured product, are issued by Raiffeisen Bank, the Austrian financial conglomerate and Tatra’s giant parent group.

Looking ahead, “the increasing interest rate and its current level concurrently creates a space for interesting investments in the bond market,” adds Mr Neckár. 

Tatra was Slovakia’s first private bank and has €3bn ($3.15bn) of assets under management, more than any other bank in the country. NK

Best Private Bank in Taiwan

E.SUN Bank

As Taiwan’s government positions the country as a high-end Asian wealth management hub, it can point to several private banking success stories.

One of these is E.SUN Bank’s private banking team, which has presided over a strong period of growth; in 2022, the number of private banking customers increased by 133 per cent from 453 to 1,054, while total assets under management increased by almost 60 per cent.

This success is attributable to E.SUN’s dual-core service model, which includes private banking consultants, corporate banking relationship managers, and its regional service footprint.

Mao-Chin Chen, president of E.SUN FHC talks about E.SUN Bank’s “distinctive edge”, and how it is underpinned by strong teamwork culture. “This is an integrated and seamless service to business owners who can obtain one-stop financial solutions, including innovative lending product, cross-border transaction arrangement, and tailor-made succession plans, for both their family wealth and their operating business development across the Asia-Pacific region,” she says. JK

Best Private Bank in Thailand

Siam Commercial Bank

Siam Commercial Bank (SCB) was established in 1906 as Thailand’s first indigenous lender. It has since developed into one of the largest financial institutions in the country.

SCB’s private banking arm aims to leverage the history and scale of the wider group platform to be the leading partner to Thailand’s community of high net worth and ultra-high net worth individuals and families.

To achieve its aims, SCB is prioritising digital innovations to provide an “omnichannel experience” for its clients. In response to the Covid-19 pandemic, SCB developed a new mechanism for remote, end-to-end digital advisory services between relationship managers and customers known as ‘SCB wPlan’.

This tool offers remote, interactive investment advisory options for SCB’s clients. The bank is also harnessing data to provide hyper-personalised investment services.

But these and other offerings are being rolled out in an increasingly dynamic and competitive marketplace. This will demand constant innovation and adaptation from private banking players, including Siam Commercial Bank. JK

Best Private Bank in the Czech Republic

CSOB Private banking

In 2022, CSOB Private Banking recorded its “best year ever” in terms of assets under management and revenue growth.

The bank also coped well with the changing interest rate environment and has been a big supporter of Ukrainian refugees in the Czech Republic during the past year.

“We provide the largest branch network, most complex services and product offering and, on top of that, our relationship managers are very competent and loyal,” says Jan Poulík, CSOB’s head of private banking. “We are also proud to have the best-performing equity fund on the market.”

The bank has become more digitalised during the past year and claims it is now a leader in digital services, in both commercial and investment banking services. However, Mr Poulík insists that the bank does not limit its in-person client visits.

The biggest challenges the bank faces are cyber risks, the regulatory environment and increasing competition from non-banking providers, he adds. JM

Best Private bank in the Dominican Republic

Banco Popular Dominicano, S.A. — Banco Múltiple

Banco Popular Dominicano — part of Banco Múltiple — is a financial institution with 59 years of experience.

Its main purpose is to sustain a responsible banking model, with robust corporate governance and a corporate culture based on values. Its private bank is the market leader in the Dominican Republic and its main priority is to guarantee a relationship — based on long-term trust — with clients.

“We achieve this through excellence service, personalised financial advice, attention to detail and a rapid response to their needs,” says a spokesperson.

One of the bank’s main challenges is changing the habits and mindsets of clients, so that they are better aligned with digital transformation.

Furthermore, the bank must continue to deepen its innovation culture, technological infrastructure and cyber security protocols, so that it can rapidly deliver new products, channels and services better suited to its customers’ changing needs. JM

Best Private Bank in the Netherlands

ING Private Banking

ING Private Banking strives to offer a personal, innovative and entrepreneurial service offering for clients. This approach, coupled with a deep understanding of its customers, is paying off: most key performance metrics, including all-important customer satisfaction scores, moved in a positive direction over the course of 2022.

According to ING Private Banking, this performance reflects a commitment to sourcing frequent and detailed customer feedback and its ability to balance digital and in person service solutions.

“In times of digitalisation, standardisation and thriving schedules, it is increasingly important to connect with customers and truly understand them. By doing so, we believe technology can complement, not replace, human connections: digital solutions when possible, and meaningful, face-to-face interactions when needed,” says Katja Kok, head of ING Private Banking and wealth management in the Netherlands.

ING Private Banking, in common with market peers, is bracing for a large generational transfer of wealth and the challenges of catering to a brand-new cohort of private banking customers. JK

Best Private bank in the Philippines

BDO Private Bank, Inc.

Since its launch in 2003 as the Philippines’ sole full-service private bank, BDO Private Bank has developed an extensive range of products and services that cater to the domestic and international investment and wealth planning needs of its clients. This includes alternative investments, trust and estate services, and philanthropic guidance.

In 2022, BDO Private Bank unveiled a number of new client services. This includes the launch of safe deposit box facilities across its private wealth centres, as well as new investment account services through its Singapore branch.

On top of traditional bi-annual market briefings for customers, BDO Private Bank also conducted more webinars covering specific investment ideas and market analyses. New topics were added to the webinar schedule, covering non-investment themes such as offshore trusts and philanthropy efforts.

BDO Private Bank successfully increased assets under management in 2022, despite a challenging operating environment in its home market. JK

Best Private Bank in the United Arab Emirates

First Abu Dhabi Bank

First Abu Dhabi Bank has made good progress in evolving its offering to meet its clients’ changing needs during the past year.

It has innovated its suite of financial products by introducing new products and services and improved its existing financial services to provide a comprehensive portfolio that can be tailored globally to a diverse customer base. It has set standards on environmental, social and corporate governance (ESG), enabling positive change with ESG-linked products and services that contribute to the group’s sustainability agenda.

“We set ourselves apart in the market with our expertise and experience, our comprehensive service offering, a clearly client-centric approach and our commitment to innovation,” says Michel Longhini, First Abu Dhabi Bank’s group head of global private banking, and formerly a leading private banker in Europe.

“These important points of distinction are all built on a foundation of consistently strong financial performance, all serving to achieve the best outcomes for our clients.”

There is enormous pressure in a private banking sector that is intensely competitive both regionally and internationally, he adds. Navigating the regulatory frameworks and compliance landscapes in the region and globally requires detailed care and attention, says Mr Longhini. This work is being keenly observeed by the industry, interested to see whether the Gulf markets will attract more senior European wealth management leaders. JM

Best Private Bank in Turkey

Akbank Private Banking

Tightening global financial conditions and spiking inflation have pushed private banking clients in Turkey to protect their assets and diversify their wealth. Amid this more volatile macroeconomic environment, Akbank Private Banking has focused on providing new and innovative products to meet evolving customer preferences.

With a commitment to sustainability, Akbank Private Banking’s ‘Investments of the Future’ funds offer clients access to investment opportunities linked to disruptive technologies, including financial technology, the metaverse, autonomous cars, vaccines, biotechnology, advanced healthcare and alternative energy. These can be accessed through the branch network and digital channels.

As the first Turkish bank to sign the United Nations Global Compact, Akbank Private Banking also offers clients access to environmental, social  and governance (ESG)-themed funds covering a range of investment options, including food and agriculture.

“At Akbank Private Banking, we offer our clients thematic funds with ESG ratings as part of our Investments of The Future mutual fund family,” says Dalya Kohen, executive vice-president of private banking and wealth management. JK

Best Private Bank in Vietnam

Military Commercial Joint Stock Bank (MB Bank)

Vietnam’s private banking market is relatively new but the number of high net worth individuals in the country is expected to grow at a rapid clip over the coming years. MB Private, the private banking arm of Military Commercial Joint Stock Bank, is well placed to tap into this rising tide of wealth.

MB private offers a range of onshore and offshore wealth management services. This includes access to a mix of investments, including bonds, mutual funds, listed and private equity, as well as structured products and precious metals. In addition, MB Private also offers a broad range of wealth and inheritance planning for its clients.

Digital transformation initiatives are also at the forefront of MB Private’s ambitions, according to Lam Vu Duc, head of private banking. “MB Private is proud to aim to take the lead in digital transformation with two main projects called Digi Wealth platform and MB Private application for high net worth clients, which bring unique advantages for the client experience,” he says. JK

Profiles written by Jason Mitchell, James King, Nick Kochan, Chris Newlands and Samuel Warshaw