Global Private Banking Awards 2024: Winners' profiles

PWM’s sixteenth annual Global Private Banking Awards sees a changing of the guard, with J.P. Morgan taking the top award for the first time.

Best Global Private Bank; Best Private Bank for Ultra High Net Worth Clients

J.P. Morgan Private Bank

J.P. Morgan Private Bank is on the hunt for new opportunities, branching out from its traditional US stomping grounds. In September 2024, the US giant followed UBS, Deutsche and Lombard Odier in building a presence in Dubai and the bank’s executive chairman, Andrew Cohen, says there is more to do and explore.

“We are committed to expanding our global footprint, ensuring we can serve clients wherever they are in the world. This includes strengthening our presence in key markets and exploring new opportunities for growth,” he says.

On its plans in Dubai specifically the Wall Street bank said it intends “to grow the team steadily in the coming years”, without providing a specific figure.

The bank’s head of emerging markets and the Middle East, Karim Rekik, says: “The Middle East has for some time now been a fast-growing global hub for innovation, attracting global interest and investment. Our dedicated local team strengthens our ability to serve our clients better.”

At the same time the bank has been grappling with its in-house technology. Mr Cohen says: “We have made significant investments in technology to enhance our service offerings and overall client experience. Our digital platforms and tools enable us to provide seamless, efficient, and secure services, allowing clients to manage their wealth with greater ease and confidence.” CN

 

Best Branding in Private Banking

Lombard Odier

After two years of winning the best branding in Europe, Lombard Odier secured the global accolade with its “nature’s regenerative power” campaign, which publicises the bank’s commitment to sustainable investing as a critical way to preserve and grow wealth for the long term.

The advertising campaign emphasised that nature is an asset class in its own right, like real estate, and offers long-term returns and portfolio risk mitigation.

“We outlined how nature is one of the ‘world’s most underpriced asset classes’ – the often-overlooked foundation of more than 55 per cent of global GDP,” says Fabio Mancone, partner and chief branding officer at Lombard Odier Group.

“We also explored how investors can take advantage of this to ‘climate-proof’ their portfolios, while playing a part in restoring lost and damaged ecosystems,” he adds. “We shared our bold conviction that demand for regenerative commodities will help drive the biggest revaluation of the next century.”

The campaign highlighted how regenerative agriculture can lead to higher crop yields by boosting soil health rather than degrading it with fertilisers and pesticides. Building better livelihoods for farmers and their communities provides them with incentives to restore the land, according to Lombard Odier.

The bank reports strong audience engagement, with “tens of millions” of views via its digital channels, increased visibility in leading financial and news publications, and a doubling of website visits. JM

Best Chief Investment Office in Private Banking; Best Private Bank for Wealthy Women

Citi Private Bank

Citi Private Bank (CPB) has emerged as the top institution serving wealthy women for the second year running.

“Women are expected to control over 50 per cent of global wealth in the next decade, so we want to be in the best position to capture the flow from this segment,” says Ida Liu, global head of the division.

Since the launch of ‘Women in Wealth’ in 2021, CPB has more than doubled numbers of female clients. For example, 60 per cent of new clients from Saudi Arabia in 2023 were women.

The bank has created advisory boards to understand topics important to wealthy women, such as investing with purpose to make a positive impact. It also rolled out learning programmes – not only about markets and investing, but also leadership, business succession and family office considerations – plus networking opportunities. The bank facilitated discussions in 52 cities across the world.

In addition, CPB regained the global accolade as best chief investment office (CIO). Its proprietary strategic asset allocation methodology is used to diversify investments among different asset classes, to help boost returns, while avoiding temptation to “time the market.”

In 2023, one of the biggest contributors to tactical portfolio performance was a thematic allocation to cyber security, which it believes is a key growth area in technology. The CIO also shifted portfolios towards taking more equity risk amid an improving inflationary backdrop.

Key to the CIO’s success is the ‘Investments Analytics Lab’, whose quantitative analysts from around the world examine clients’ portfolios and provide proactive suggestions to reduce risk, while maintaining or increasing returns.

“Clients have unique portfolios, which may include specific industry concentrations and risks. As such, not only do we need credible market views, but also provide advice on how a client should uniquely position themself to take advantage of market trends,” says Steven Wieting, chief investment strategist and chief economist at CPB. JM

Best Private Bank for Alternatives; Best Private Bank in Asia for the Next Generation; Best Leader in Private Banking (HSH Prince Max von und zu Liechtenstein)

LGT Private Banking

Over the past year, LGT Private Banking has focused on two key objectives – increasing the digitalisation and sustainability of its business.

With the aim of developing new digital products and services, the bank opened the LGT Incubator and Accelerator Centre in Barcelona in the Spring of 2023.

“In an increasingly digital and fast-moving world, growth is only possible if we position our processes, products and services accordingly. On the one hand, this applies to the services we provide to our clients, whose needs are changing. On the other hand, digital innovation gives us the opportunity to increase our productivity and efficiency,” says Olivier de Perregaux, CEO, LGT Private Banking.

Regarding responsible investing, LGT Private Banking last year launched its Sustainability Strategy 2030, which aims to more than double the bank’s share of sustainable investments in client strategies to 80 per cent by 2030, from 37.4 per cent at the end of 2023.

“[Under the initiative] we have massively increased our efforts and refined the actions and measures required in order to decarbonise our investments and to help our clients to do so,” says Mr de Perregaux.

Highlighting the acquisition of the UK wealth management business of abrdn and the bank’s expanding presence in Germany, Asia-Pacific, Australia, India, Thailand and Japan, Mr de Perregaux says the focus is now on achieving growth in those markets.

Asia has long been a personal focus for the group’s chairman, Prince Maximilian of Liechtenstein, who spends much time in the region, working closely with Mr Perregaux, who also points to “great potential” in the next generation of clients

“We’re on the verge of one of the greatest wealth transfers in history,” he says. “It is important for us to understand the needs, demands and ambitions of our clients’ children and grandchildren.” HS

Best Private Bank for Entrepreneurs; Best Private Bank in Germany

Deutsche Bank AG - Private Bank

Despite retaining its grip on the trophy for best private bank in Germany, it is all change for Deutsche Bank in its home market.

At the beginning of September, it was announced that Lars Stoy, the company’s head of private banking in Germany, would be leaving after a 16-year stint at the financial powerhouse. Mr Stoy has shifted to ING where he will instead be head of the Dutch bank’s Germany operations.

In Mr Stoy’s place comes UBS’s Raffael Gasser, who takes up the top job in November and reports to management board member Claudio de Sanctis.

Mr de Sanctis said of Mr Gasser’s appointment: “With his deep knowledge of the German market, he brings the best experience to lead our business in the home market into the next phase.”

The hope is Mr Gasser will hit the ground running and enable the bank a shot at the domestic private banking title again next year.

“In wealth management we expanded market leadership with double-digit growth above plan for the fourth consecutive year and launched a dedicated ultra-high net worth coverage unit in Germany to cater to the needs of entrepreneurial clients. The team has received a lot of positive feedback for our setup in our home market, especially from our clients. This is already reflected in a number of new UHNW clients working with us,” says Mr Gasser.

“In wealth management and private banking we have more closely aligned our offerings and both segments benefit from a suitable product range. A remote advisory proposition in private banking will address the increasing demand of our clients for a combination of digital services and remote but personal advice. This will further complement our approach to combine regional proximity with global expertise and access which is unique in Germany and the foundation of our market leadership,” he adds. CN

Best Private Bank for Impact and Sustainable Investing

Bank J. Safra Sarasin Ltd

For the third year running, Bank J. Safra Sarasin has bested its peers in impact and sustainable investing, embedding these considerations as a default at the core of its financial analysis.

One of the main recent priorities for the Swiss bank has been removing the income bias in its proprietary country ESG rating model. It corrected the indicators where GDP, adjusted for purchasing power parity, plays an important role and has produced an ESG rating taking into consideration differences in income level.

“We can better comprehend when a poor country is making progress on its ESG targets, or when a rich country is lagging behind,” says Daniel Wild, chief sustainability officer at Bank J. Safra Sarasin. “We combine this with trend analysis to see each country’s shifting position, which could be an early indicator for possible spread changes on the credit side.”

The bank engages in active stewardship, working to influence company behaviour towards sustainable practices. It enhanced its ESG Navigator platform, extending coverage to engagement tracking. For example, a portfolio manager who wants to invest in a company can immediately see which engagements have been completed or are pending with that firm.

In 2023, Bank J. Safra Sarasin joined Nature Action 100, further strengthening its dedication to biodiversity protection. It has enriched its biodiversity engine methodology to identify both biodiversity impact and dependency for firms. JM

Best Private Bank for Islamic Services

First Abu Dhabi Bank

Demand for sharia-compliant private banking and wealth management services is increasing alongside global expansion of the Islamic finance market.

First Abu Dhabi Bank’s private banking proposition is tapping into this trend by providing clients with a broad set of Islamic solutions.

FAB says it “offers a comprehensive suite of sharia-compliant investments, including discretionary asset management services”.

Its Islamic investment options cover sukuk and equity instruments, while also offering sharia-compliant deposit and financing services.

Nevertheless, competition is increasing in this fast-growing market as new and existing players battle for clients by offering digital services and new sharia-compliant investments. JK

Best Private Bank for the Next Generation; Best Private Bank in Asia

UBS

Following the UBS and Credit Suisse merger, it was important to have a “seamless combination” of existing offerings to create an “enriched portfolio” for next generation clients, according to Viola Werner, head global next generation solutions, UBS Global Wealth Management.

“In 2024, we have doubled the demand for advisory by expanding our global education programme to Asia and US, using innovative financial planning tools, working with strong partners outside of UBS, and continuing our 17-year partnership with the Young Investors Organisation,” she says. 

Ms Werner believes that the key to UBS’s success is seeing next gens as individuals. “They’re family members, investors, entrepreneurs, social change makers, ‘do-it-yourself-ers’, who want to create their own way forward,” she says. “We can help them by creating an ecosystem that can amplify their life aspirations.”

Currently, the bank starts working with next gen clients when they are between 18 and 20 years old, but in future it plans to start the conversation earlier, perhaps at 15 years old, to help them figure out life challenges, such as the best university to attend.

“My aspiration is that soon we won’t be talking about the next gen because working with them has become business as usual,” says Ms Werner.

UBS also won the accolade of best private bank in Asia for a record-breaking six years in a row. Last year, UBS Global Wealth Management Asia-Pacific recorded a total of $645bn in invested assets, a 51 per cent year-on-year increase.

Key to success in the region is UBS’s “OneBank” approach, according to Iqbal Khan, co-president, UBS Global Wealth Management and president UBS Asia-Pacific. “Our Global Family and Institutional Wealth platform provides our entrepreneur clients, their family offices and corporate clients with comprehensive investment, risk management, monetisation and other private market solutions, which were previously exclusive to institutional investors,” he says.

“With our unparalleled global scale and integrated OneBank capabilities, we will continue to bring the best of the world to our clients in Asia and Asia to the world,” claims Mr Khan.

It has been a challenging time for Mr Khan, also previously at Credit Suisse. UBS watchers are keeping a close eye on his next move, with many tipping him to take over as head of the bank in the near future. JM

Best Branding in Private Banking in Asia; Best Chief Investment Office in Private Banking in Asia

Bank of Singapore

There has been no recent lack of activity inside Bank of Singapore, with business hubs being restructured, fresh faces arriving, and a significant drive to increase the bank’s roster of relationship managers by the end of next year.

Why? “Because we need to give our clients advice they haven’t heard of before,” according to Jason Moo, CEO, Bank of Singapore.

“We have organised our business across the three strategic hubs of Singapore, Hong Kong and Dubai, three of the world’s top financial and wealth management hubs,” he adds.

“Singapore will serve south-east Asia and Japan; Hong Kong will serve Greater China; and Dubai will serve the Middle East and Europe,” says Mr Moo.

The bank has made a couple of strategic senior hires in Hong Kong and Dubai, with Credit Suisse’s Rickie Chan and Union Bancaire Privée’s Ranjit Khanna recently arriving at the company to direct its ambitions.

“In 2023, we also announced our goal of growing the bank’s global number of relationship managers to 500 by the end of 2025. We have currently expanded the team to about 450,” he says.

And it appears to be paying off, with the number of single family office clients in Singapore growing 30 per cent year-on-year in 2023. Chief investment officer Jean Chia is also taking an increasingly public role, making some bold investment calls. CN

Best Chief Investment Office in Private Banking in Central and Eastern Europe

UniCredit

Best Private Bank in Bulgaria

UniCredit Bulbank

Best Private Bank in Croatia

Zagrebačka banka d.d/Unicredit Group

In September 2023, when high inflation remained a concern and most central banks had ruled out interest rate cuts, UniCredit’s group investment strategy function boldly advised clients to take a strong position in high quality euro bonds. While a contrarian view at the time, the decision paid off for its clients in central and eastern Europe (CEE) and beyond.

“This proves the importance of having a solid understanding of macroeconomic dynamics, as well as experienced portfolio managers who were able to convince risk-averse clients to return to bonds,” says Manuela D’Onofrio, head of group investment strategy, UniCredit Group.

In 2023-24, its actively managed investment platform, the bank’s onemarkets fund, was rolled out to Bulgaria, Czech Republic, Hungary, Romania and Slovakia. The platform combines UniCredit’s in-house expertise with leading asset managers, such as Amundi, BlackRock, Fidelity and Rockefeller, to which Sergio Marino, head of CEE retail, attributes the bank’s success in the CEE region. 

UniCredit Bulbank regained its position as top private bank in Bulgaria. In spite of a local market being characterised by a period of close to zero interest rates on deposits when other countries had the highest interest rates in a decade, Bulbank was able to increase its assets under management by more than 12 per cent.

Darin Peshev, head of private banking, attributes success to the professional team, digital improvements and implementation of the onemarkets fund. “I’m proud that we are now able to deliver the highest possible quality investment opportunities for Bulgarian clients,” he says.

For the third year in a row, Zagrebačka banka/UniCredit Group picked up the award for Croatia. Head of private banking, Helena Ćorić, says that the bank’s greatest achievement was striking a balance between attractive short-term, low-risk yields and a forward-thinking, long-term investment strategy for clients.

“By the year’s end, our strategic foresight was validated: low-risk, interest-based products proved unsustainable, reaffirming the necessity of long-term investments to secure yields that preserve capital value,” she says. JM

Best Chief Investment Office in Private Banking in Latin America; Best Private Bank in Latin America for Education And Training Of Private Bankers; Best Private Bank in Chile

LarrainVial

LarrainVial might be small compared to international peers, but the Chilean bank and asset manager has big plans. This is highlighted by its recent acquisition of a 25 per cent stake in the Scottish investment manager Aubrey Capital Management.

The idea behind the deal was to find new opportunities, expand strategies into new markets and broaden its client base, said Ladislao Larrain, CEO of LarrainVial Asset Management, at the time the deal was announced.

“It is very important for us to participate in the ownership of Aubrey, as it allows us to approach new markets and strengthen our international presence with a leading fund manager with almost 20 years of experience and an expert team in emerging markets,” he says.

The wealth management arm of the Santiago-based firm has also been busy, according to Gonzalo Cordova, the unit’s chief executive.

“In our ultra-high net worth model, we have made significant changes, including incorporating the presence of specialists within equities and alternatives, and strengthening everything related to real estate issues and mandates for managing local equity.”

The asset manager has offices in Chile, Peru, Columbia and the US, and has more than $7bn of assets under management.

Mr Cordova recognises that it must continue to work hard if it is to continue to grow that asset base. “What we intend to improve on is providing a service with greater flexibility according to the new needs that clients have regarding tax matters, real estate issues for immigrants, and lifestyle matters for families. We need to strengthen this support and be efficient in delivering this service,” he says.

“Part of the solution will come from training more flexible teams that are capable of visualising these new needs and accompanying clients through these solutions, as well as relating better to new generations of clients.” CN

Best Private Bank in Africa; Best Private Bank in Africa for Education And Training Of Private Bankers

Standard Bank Wealth and Investment

Standard Bank Wealth and Investment launched a number of education and training initiatives in 2023 and this year, designed to increase the knowledge and skills of its employees.

Of these, the Meaningful Conversations Programme has had “the most profound impact” on the development of the bank’s business, according to Jacques Els, head of Standard Bank Wealth and Investment South Africa.

“This programme was designed to enhance the core conversation skills of our teams. It directly supports client relationships, improving how we listen, engage and address clients’ evolving needs, which is essential for driving business growth and client satisfaction,” he says.

Outside the bank’s core markets of South Africa, Uganda and Nigeria, Mr Els cites Kenya, Angola, Ghana and Mauritius as countries offering greatest business growth potential.

“These are countries with fast growing economies, well capitalised and stable financial markets and a high degree of digital adoption by customers,” he says, adding that they are markets with a large number of people “who fit the private banking persona and where we have relatively small market share in comparison with our competitors”.

In seeking to grow its business in Africa, Mr Els cites challenges including political and economic risk, shifting regulatory frameworks and an increasing level of sophisticated fraudulent activity. Also, he says currency depreciation over the past 10 years has resulted in relative wealth erosion in dollar terms for clients. HS

Best Private Bank in Africa for Customer Service; Best Private Bank in South Africa

Investec

In a global private banking landscape characterised by increasing adoption of digital technology, Investec touts its “client-centric values” as a competitive differentiator for the bank.

“We are certain the continued digitisation of the private banking and wealth management industry will result in a greater commoditisation of many services,” says Itumeleng Merafe, head of Investec Private Banking South Africa.

“Our key differentiator has always been our promise and delivery of an out-of-the-ordinary client experience and delivery of exceptional service – a human when you need it, technology when you don’t,” he adds.

Generative artificial intelligence will have “a profound impact” on the bank’s internal operations, client engagement and the development of new products and services, says Mr Merafe.

“At present our first wave of AI capabilities is centred on the immediate productivity of each Investec employee in every role across the group. We believe that by boosting productivity, this creates more time to allow our relationship managers to focus on clients and their unique requirements.  The next wave will see the introduction of this technology into our self-service digital capabilities through digital assistants,” he adds.

The bank’s strategy focuses on “remaining relevant across geographies and generations, harnessing technology, human relationships, and our international footprint”, says Joubert Hay, chief executive, Investec Wealth and Investment. HS

Best Private Bank in Asia for Education And Training Of Private Bankers; Best Private Bank in Korea

Hana Bank

While South Korea’s economy unexpectedly shrank during the second quarter of this year, clocking up the sharpest contraction since 2022, the fortunes of Hana Bank have held up.

The Seoul-based bank increased its assets under management last year, while at the same time evolving its product and service offerings in pursuit of new development opportunities.

AI has been at the forefront of this. Digital innovations have been shaping Hana Bank’s broader business model, which includes the launch of a personalised wealth management platform based on AI technology, referred to internally as the “AI Wealth” service.

According to the bank, AI Wealth has driven significant customer engagement with more than 400,000 monthly active users.

The bank says it has also “intensified” its succession services to family businesses in which it has been “targeting for the owners or management of unlisted companies”, according to Young Hun Kim, the bank’s deputy president and wealth management group head. He adds that this includes selling private equity, valuation, mergers and acquisitions advisory and tax-efficient solutions.

Acutely aware that South Korea is expected to become a “super-aged society” by 2025, with more than 20 per cent of the population being 65 or older, the bank has also become more focused on its older clients. “We are focused on ultra-high net worth clients between the ages of 50 and 65,” says the wealth management boss. CN

Best Private Bank in Asia for Family Offices; Best Private Bank in Singapore

DBS Bank

DBS Private Bank broke new ground last year with the launch of a multi-family office offering in June 2023, following Singapore’s restrictions around tax incentive awards for single family offices (SFOs). This led many ultra-high net worth families to explore alternative wealth planning solutions, such as trusts and bespoke family investment funds under a Singapore variable capital company (VCC) structure.

The DBS Multi-family Office Foundry VCC offers a ‘plug-and-play’ option for consolidating families’ assets in Singapore and diversifying their investment risks without needing to immediately relocate or set up their own SFO.

“With the UK non-domiciled resident tax changes coming in 2025, among other developments, Singapore is being viewed as a real alternative for very wealthy families and the VCC struck a chord with them,” says Joseph Poon, group head of DBS Private Bank. “We were the first to launch because we listened to our global client base, which indicated that a solution was sorely needed.”

For the second year in a row, DBS has come out on top as the best private bank in Singapore. Mr Poon attributes success to its ‘One Bank’ approach, which brings corporate, investment and private banking together in business succession planning, as well as its innovative, agile and digitally driven spirit.

DBS expand regionally in 2023, acquiring Citibank’s Taiwan franchise, strengthening onshore operations in Thailand and establishing a business unit in India’s Gujarat International Finance Tec-City. JM

Best Private Bank in Asia for Ultra High Net Worth Clients; Best Private Bank in Hong Kong; Best Private Bank in the UK

HSBC Global Private Banking

It is no surprise to see HSBC coming out top in Asia and the UK. The two markets have become ever more important for the sprawling bank and the recent sale of HSBC’s German private banking arm is the clearest indication of this.

With HSBC chief executive Georges Elhedery drawing up plans to merge the lender’s commercial banking unit with its global banking and markets arm in a bid to cut costs, in September HSBC also announced the sale of its private banking operations in Germany to BNP Paribas. The financial details of the sale, which should close in the second quarter of 2025, were not released.

Concentrating on Asia and the UK where it has the most reach, HSBC has also cut other businesses in the US, France and Canada in recent years.

Nevertheless, Annabel Spring, CEO of HSBC Global Private Banking and Wealth, says of the awards it has picked up: “We are a large global bank with deep knowledge and experience in more than 30 markets across Asia, Emea and the Americas. We understand the complex needs of ultra-high net worth clients and their families, who often lead international lives. Our universal banking model enables us to offer the best of HSBC to our clients.”

And on what there is left to work on and improve, she adds: “Private banking will continue to be a relationship and people-led business, while emerging technology plays an increasingly important role in the way we develop our future business strategies to enhance the client experience and access to investment opportunities.

“We have invested heavily in technology through a hybrid model that combines personalised service with digital solutions, ensuring our clients can engage with us in a manner that suits them best.” CN

Best Private Bank in Australasia for Customer Service; Best Private Bank in New Zealand

ANZ New Zealand Private Bank

ANZ New Zealand Private Bank made a number of changes to its operating model in 2023 aimed at providing clients with a more specialised and personalised service.

The role of senior private bankers was rationalised to focus mainly on people leadership while a newly created role of senior relationship manager for regions took charge of business development and driving growth.

Also, with a view to improving expertise, private bankers were repositioned as specialists in either lending or investments.

Glenn Stevenson, general manager, ANZ New Zealand Private Bank, says rationalising the role of senior private bankers has been a “particularly positive” change.

“We wanted to ensure that the management, guidance and development of our people fell to our best people leaders and managers. It’s really about having the right people performing the right roles and utilising our people’s skill sets appropriately,” he says.

Citing artificial intelligence as a tool that can “supercharge efficiency”, Mr Stevenson says that over the next 12 months the bank will be adopting Microsoft Copilot in order to help support day-to-day client interactions.

While identifying emerging wealth as a key area for growth, he points to challenges faced by the bank.

“The market is highly competitive, with a growing number of providers in New Zealand. In addition, high interest rates have had people understandably adopting short-term cash management strategies. That will continue to remain a challenge in the short term, but we expect it will improve as interest rates fall and our clients look for ways to derive a more appropriate mix of income and growth potential,” says Mr Stevenson. HS

Best Private Bank in Australasia for Diversity & Inclusion

Bank of New Zealand

Having a leadership team made up entirely of women is testament to the way Bank of New Zealand (BNZ) Private Bank has championed diversity and inclusion as part of its business strategy.

“While it was very intentional to ensure we had strong female representation, getting to 100 per cent was never the intent – they just happened to be the right people for the roles,” says Jenna Broadhurst, general manager private bank and home lending at BNZ.

The level of support the bank offers contributes to ensuring its staff thrive in the workplace, as well as positions BNZ to reflect the customer base that it wants to build. For example, it offers enhanced 26-week paid parental leave.

In addition to focusing on high net worth women and next generation customers, BNZ plans to expand Māori and Pasifika representation. It doubled the number of Māori staff in 2023, to 11 per cent.

“We have exceptional linguistic and ethnic diversity statistics, and our goal is to maintain and expand representation in line with our customer base,” says Ms Broadhurst. JM

Best Private Bank in Central and Eastern Europe

Erste Group Bank AG

Best Private Bank in Austria

Erste Bank der oesterreichischen Sparkassen AG

Best Private Bank in Romania

Banca Comercială Română

Safe to say it has been a good year for Erste Private Bank in Romania – in fact it had record growth in 2023, with revenues jumping 22 per cent year-on-year and assets under management spiking by almost a quarter.

Being varied is key, according to Ana Maria Beznoska, the company’s private banking head in Romania. “Our business model distinguishes itself by offering the most diverse range of investment alternatives, in an open-architecture setup, while placing excellence in customer relationships at the heart of every interaction.”

But she admits there is more to be done. “While we have achieved a lot, there is always room for improvement. We are continuously evaluating our processes and flows and we take into consideration our clients’ feedback in order to always offer better services,” she says.

In Austria and central and eastern Europe, meanwhile, the bank says it has “excelled in delivering innovative and bespoke solutions, and fostering intimate client relationships”.

Maximilian Clary, head of private banking and wealth management at Erste Bank, says: “Our commitment to advanced digital banking initiatives, such as the introduction of exclusive cards and enhanced digital capabilities in our digital banking platform, has significantly improved client experience. Additionally, our focus on personalised wealth management services and sustainable investments has resonated well with our clients, leading to substantial growth in assets under management and client acquisition.”

In Austria, he adds, the bank has “distinguished itself” through its range of discretionary portfolio management services. “Our new private banking premises in the heart of Vienna, meanwhile, have provided a modern and professional environment for advising our high net worth clients. Additionally, we are proud to be the first provider in Austria to offer asset management for private market investments, including private equity,” says Mr Clary. CN

Best Private Bank in Central and Eastern Europe for Growth Strategy; Best Private Bank in Hungary

OTP Private Banking

OTP Private Banking has been quietly successful in its home market of Hungary. As such, the Budapest-based bank, which operates in 11 countries in central and eastern Europe and Asia, has been steadily building its asset base.

The increase, however, has been solid rather than flashy, with client assets rising by just shy of €1bn ($1.1bn) to €10.2bn over the last 12 months, despite the private bank seeing a slight drop off in the number of clients it looks after. The number has dipped to 35,600.

The hope is OTP will be able to translate the gains it has made in Hungary to other markets across the world, particularly after it bought a majority stake in Uzbekistan’s Ipoteka Bank during the summer of last year.

“Apart from Hungary, OTP Private Banking has a significant presence in Bulgaria, Serbia, Croatia, Slovenia, Montenegro, and Albania. In addition, we have a strong footprint in Moldova and Ukraine and are working to set up our operations in the Uzbek market as well,” says Attila Bánfi, managing director of OTP Global Markets.

“We strongly believe that both our clients and local private bankers can benefit from the knowledge and experience we have built in Hungary.”  CN

Best Private Bank in Europe;  Best Private Bank in Switzerland

Pictet

It has been an awkward 12 months for Pictet in the US after the private bank agreed to pay $123m to US authorities in December 2023 for helping clients illegally shield more than $5.6bn of assets from tax. The Swiss private bank was accused of setting up 1,637 secret bank accounts in Switzerland on behalf of US taxpayer clients between 2008 to 2014.

But, while the US market posed problems for Switzerland’s oldest and most prestigious private money manager, the European market has been fruitful.

Boris Lovenfosse, head of Pictet Wealth Management Europe, says: “We are honoured to have been named best private bank in Europe and Switzerland again this year, respectively for the 12th and 13th time. These awards are an acknowledgement of our strategy, which focuses on bringing the highest level of investment expertise to our clients.”

He adds that, over the past year, the private bank has “further strengthened its presence in both Europe and in its home market in Switzerland”.

“With the opening of the new headquarters for the European bank of the group in Frankfurt, as well as the hire of local teams in Switzerland, the UK, Germany, Belgium and the Netherlands, we aim to offer our clients an even higher level of service and expertise wherever they are situated,” says Mr Lovenfosse. CN

Best Private Bank in Europe for Entrepreneurs

BNP Paribas Wealth Management

Best Private Bank in France

BNP Paribas Banque Privée

BNP Paribas Wealth Management launched a number of new initiatives in 2023 with the aim of providing a more specialised and interactive customer service and improving operational efficiency. 

One such initiative involved forging closer links with the corporate and institutional banking division of the BNP Paribas Group to create a new service dedicated to entrepreneurs and families.

Vincent Lecomte, CEO, BNP Paribas Wealth Management, says the new offering is “a key differentiator for our clients as we can offer them a global approach [to managing] their wealth and an expertise to cater to the most sophisticated needs”.

The launch last year of a digital tool which allows clients to monitor the performance of their investments in private assets was “a game-changer” for clients, he claims.

On digital development, the bank is looking to accelerate the deployment of artificial intelligence by the end of 2026.

“Generative AI will allow our staff to gain precious time in almost all tasks and processes, through their own personal AI-powered assistant,” says Mr Lecomte.

The roll-out of AI will enable private bankers to respond more efficiently to client requests in real time, he believes, while maintaining “the human eye and ear that gives the extra clarity, insight and inspiration that machines cannot replicate”.

Going forward, a focus on savings, entrepreneurs and families will be central to the bank’s business development strategy.

“We remain focused on our key markets in Europe and in Asia and we aim to onboard new clients in all our geographies. In a changing world, we need to be at their side and provide them [with the] advice and the tools they expect from us,” says Mr Lecomte. HS

Best Private Bank in Europe for Impact And Sustainable Investing

ABN AMRO Bank N.V.

ABN Amro has taken an important step in democratising access to impact investing by making its Impact Funds Mandate available to clients with a net worth of €50,000 ($55,000) and above. Previously, it was only available to private banking clients with more than €2.5m of freely invested capital.

“We can now offer an impact mandate to our retail clients owing to the economies of scale we enjoy in the private bank,” says Vincent Triesschijn, global head of ESG and sustainable investing, ABN Amro. “I am proud that we can make impact investing accessible to a larger audience.”

In addition, for the first time the bank is providing experienced investors the chance to invest via a Scandinavian impact private equity fund.

The bank’s impact investment portfolio reached €4bn in 2023, growing around 20 per cent a year since 2015.

ABN Amro has partnered with the University of Amsterdam to educate its 1,400 investment advisers and private bankers in the Netherlands, Germany, Belgium and France on sustainable investing. As well as lectures, the training consisted of an in-depth exploration of bank’s sustainability and impact products, followed by sales training and role-playing.

The training programme also leverages the bank’s Sustainability Scan, a tool developed in 2020 to analyse the portfolio and level of ESG risk. “This helps our private bankers initiate a sustainability conversation, which is key to our success,” Mr Triesschijn adds. JM

Best Private Bank in Europe for Succession Planning

Edmond de Rothschild

Following the departure of Hervé Ordioni, who was CEO of international private banking for just two years, Edmond de Rothschild is currently thinking about succession planning in more ways than one.

While the Geneva-based bank recently appointed Cynthia Tobiano, deputy CEO, to temporarily lead the international private banking division, the search for a permanent successor continues.

Meanwhile, Edmond de Rothschild is looking to grow its business in the United Arab Emirates where last year it opened an office in Dubai.

Before the end of this year, the bank plans to open an office in Riyadh through a joint venture with Watar Partners.

It is also teaming up with SNB Capital, Saudi Arabia’s largest asset manager, to launch a platform to provide debt finance for infrastructure projects under the country’s ‘Vision 2030’ programme. Infrastructure debt strategies will be offered to Saudi family offices and institutional investors.

“We are convinced of the strong structural dynamics of the GCC region. Our focus for the time being is to strengthen our presence in the UAE and in Saudi Arabia. As this develops, we will look at other territories,” says Ms Tobiano.

The bank has launched a number of initiatives this year and in 2023 aimed at expanding its wealth planner network across Europe.

“Of these [initiatives], the creation of a wealth planning operations officer will help us implement the innovations we develop, while integrating artificial intelligence features in a relevant way. The connection between business lines through cross-functional wealth planning will enhance customer service,” says Yvan Vaillant, the bank’s head of wealth planning. HS

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

BTG Pactual

BTG Pactual has reclaimed its crown as the premier private bank in Latin America, achieving a 30.5 per cent year-on-year increase in assets under management in 2023 amid a challenging regional and global economic environment.

The bank has expanded its presence internationally, most notably through the acquisition of FIS Privatbank in Luxembourg. It also opened an office in Madrid and strengthened its presence in the US, recently purchasing Greytown Advisors, a Miami-based wealth management firm.   

“Our mantra is to be the global adviser for Latin American clients, wherever they may be, and the Latin American specialist for global investors,” says Rogério Pessoa, partner and head of wealth management. “Looking at clients holistically, onshore and offshore, proved successful during recent market turmoil when clients wanted talk to a local bank about diversifying their assets.”

BTG Pactual prioritises succession planning through its Future Leaders programme, supporting the next generation with insights and networking opportunities. It also emphasises the pivotal role of women in succession planning, providing advice and education programmes for women through its Financial Journey – Women Investors programme, and advocating for their daughters.

“Once a year, we choose a new group of women for an introduction to the financial markets, so they can make their own decisions and do the investments themselves,” says Mariana Oiticica, head of wealth planning. JM

Best Private Bank in Latin America for Wealthy Women

Banco do Brasil Private

Celebrating its 20th anniversary this year, Banco do Brasil Private (BB Private) knows the importance of delivering an exceptional client offering and building strong relationships. Its assets under management increased by 20.3 per cent in 2023, double the average of market peers, claims the bank.

As a signatory to the UN Women’s Empowerment Principles since 2018, the bank is committed to empower women and promote equality of gender within companies. It embodies this commitment: women employees make up almost half of the organisation, with close to a third in leadership roles.

In addition to offering thematic funds to promote gender equity, such as BB Ações Equidade, BB Private expanded its Generations programme to focus on the needs of women entrepreneurs in agribusiness and other sectors. It aims to support businesswomen with training in topics including finance and financial instruments, business, leadership, behaviour and management trends.

“The Generations programme is an extremely successful strategy for delivering something beyond financial advice,” says Guilherme Rossi, head of BB Private.

The programme has reached more than 300 women members. JM

Best Private Bank in Latin America for Customer Service; Best Private Bank in Colombia; Best Private Bank in Peru

BBVA Private Banking

BBVA Private Banking is enthusiastically embracing technology with the aim of increasing efficiency and enhancing customer experience.

In 2023, the bank implemented a number of digital tools focused on improving client interaction and personalisation of service, while additional technology is being introduced this year.

“The adoption of advanced digital platforms has streamlined our processes and provided clients with more agile, real-time access to services, contributing to both enhanced operational efficiency and a better overall customer experience,” says Humberto García de Alba, head of global wealth at BBVA.

He adds that the bank’s Global Wealth Life Program has allowed it to offer tailored strategies that address the individual needs and preferences of high net worth clients, thereby improving engagement and customer satisfaction.

Generative artificial intelligence is becoming an integral part of BBVA’s private banking operations, offering “transformative” opportunities to support both private bankers and clients, says Mr Garcia de Alba. The technology is being applied primarily in data analysis, helping bankers to anticipate client needs and make more informed recommendations, he adds.

On the customer service side, AI is used to personalise interactions and provide clients with bespoke strategies, “improving their experience while maintaining the human touch that is central to private banking”.

AI is also starting to play “a crucial role” in enhancing operational efficiency by automating repetitive tasks, allowing advisers to focus on delivering more strategic and value-added services, he adds.

Continued digital adoption is a key element of BBVA’s growth strategy in private banking.

Sustainability and environmental, social and governance-focused investments are also a core part of the bank’s growth strategy, “as demand in this area is expected to rise”, says Mr Garcia de Alba. HS

Best Private Bank in North America for Customer Service

Fifth Third Private Bank

Fifth Third Private Bank now includes a complimentary wealth strategy component as part of the private bank experience. Following this change in 2022, its wealth strategy engagements increased by 17 per cent in 2023. In addition, its net promoter score reached a record-high 76 score, a 7 per cent improvement since 2022.

In the latest evolution of its wealth management strategy, it has created a new family wealth vertical in the ultra-high net worth space for clients who have family governance or unique charitable giving and philanthropy desires.

The key to the bank’s success in addressing clients’ challenges, whether market or familial, is its highly credentialed, emotionally intelligent and diverse team, says Joel Stone, senior vice-president, managing director, Fifth Third Private Bank.

“We are leveraging technology, but not losing that emotional touch because it is a relational business,” he adds. “We want to strike the right balance between allowing technology for some self-service, but also ensuring that we’re closely connected with our clients.” JM

Best Private Bank in North America for Education And Training Of Private Bankers;  Best Private Bank in North America for Wealthy Women

Scotia Wealth Management

As Scotia Wealth Management (SWM) develops its training and development programme, it takes the unique view of its advisers and relationship managers as clients, to understand and address their needs.

The programme is organised in four groups: specialised programmes, including the Scotiabank Women Initiative and Total Wealth Evolved, which aims to help ageing clients live the life they desire; practice management, such as coaching advisory teams on succession planning; foundational training, such as skill-building; and analytics and insights, including using new financial planning software or Total Wealth Analyzer, developed to help advisers look at their entire book of business.

The extensive training programme helps SWM attract and retain talent. “Our training capabilities and programmes, such as the Scotiabank Women Initiative and Total Wealth Evolved, as well as the analytics support, are key differentiators for competitive recruits,” says Erin Griffiths, senior vice-president, Canadian wealth management, SWM.

Scotiabank Women Initiative was launched in 2018 to support women entrepreneurs access financing. To better empower women to take charge of their financial futures, SWM built a training programme for its advisers, both male and female, to have more meaningful conversations with women clients on topics such as personal goals, women’s health, and navigating life transitions, whether a career change or divorce.

Its net promoter score among women clients has risen 13 points since the programme began, reports the bank. JM

Best Private Bank in North America for Entrepreneurs; Best Private Bank in North America for Ultra High Net Worth Clients; Best Private Bank in the US

Northern Trust

Northern Trust has mopped up the awards in the US, and the 135-year-old powerhouse, which has more than $400bn of assets under management, puts much of that success down to the continued development of its Northern Trust Institute – a sort of a business within a business.

The company’s wealth management president, Jason Tyler, calls it “a one-of-a-kind institute” made up of some 200 staff members that are studying “40 areas of importance to affluent families”.

Via the institute Mr Tyler says the company distils its “insights into behaviours and strategies that have helped families, including entrepreneurs and family businesses, thrive for generations”.

He is quick to highlight that the firm also published those insights in a 300-page book for its clients, entitled Secrets of Enterprising Families, which it recently touted as a part of a nationwide book tour in the US.

The development of the institute appears to be part of an understanding that size is an issue for Northern Trust, and Mr Tyler, who was only appointed president of the wealth arm in September after a wider senior management reshuffle, recognises that the company has more to do to bring all of its varying business strands together.

“We will continue to leverage the full resources of our company in accordance with our ‘One Northern Trust’ strategy,” he says.

“As the needs of high net worth and ultra-high net worth individuals grow in complexity, we strive to bring each client the best of Northern Trust, combining institutional-strength technology, investment capabilities and global asset servicing with our heritage of serving as a fiduciary and trusted adviser.”

In an increasingly competitive wealth industry, Mr Tyler adds, “we believe our holistic approach is distinctive and unmatched and that gives us opportunities to continue growing”. CN

Best Private Bank in North America for Family Offices; Best Private Bank in North America for the Next Generation; Best Private Bank in North America for Philanthropy Services

Bank of America Private Bank

Hiring the right people and being able to attract the industry’s brightest sparks is key to Bank of America’s success, according to its head of philanthropic solutions.

Indeed, in September the US banking giant recruited a private banker who had formerly managed $2.7bn for Citi Private Bank in Atlanta.

Austin Koenen, a former investment banker, who shifted to wealth management in 2013, joined Bank of America in mid-September and will be responsible for delivering investing, philanthropy, credit and wealth planning services to ultra-high-net-worth families in Georgia, South Carolina and the broader south-eastern US market.

Jennifer Chandler, the bank’s philanthropic solutions boss, says: “In the last year we have continued to invest in and attract the best talent in the industry to add to the team.”

This, she says, is paying off: “Our comprehensive service model delivered by a team of close to 200 philanthropic professionals continues to be recognised as best in class for providing philanthropic solutions.

“Our end-to-end investment process leverages the firm’s best thinking, and provides a consistent, scalable and transparent experience for non-profit clients. And we have continued to invest and refine that process in the last 12 months.”

But she admits there is more to do for the private bank, which generated just over $950m in revenue and managed $640bn in assets at the end of the second quarter, according to its latest earnings report.

Ms Chandler says: “While we are award winning, we work tirelessly and relentlessly to improve. We have a rigorous process aligned with the enterprise to understand areas to improve operational excellence and the client experience. We listen to the unique needs of our clients to ensure we are not just delivering on their needs today but in the future.” CN

Best Private Bank in North America for Succession Planning

PNC Private Bank

More than 50 per cent of owners are dissatisfied with the sale of their business within a year. This is not due to the sale price or the decision to sell, but because they closely identify with their business and did not plan for what they would do next.

“Our skilled team helps clients navigate through the emotions that come with selling a business, as well talk through family dynamics, impact and purpose through the lens of philanthropy and impact, and the next chapter in their life,” says Annamaria Vitelli, head of PNC Private Bank Hawthorn.

While market conditions have not been favourable for business sales over the past cycle, effectively prolonging clients’ decision-making, this has worked in the bank’s favour. “It gave us more time to do the underlying personal planning work that is needed to amplify the impact of the sale,” she says.

In addition, the Hawthorn team has developed an advice model for families thinking about starting a single family office. JM

Best Private Bank in the Middle East

Julius Baer

Julius Baer has made a number of changes this year in a bid to repair the reputational damage caused by the loss of SFr586m ($693.1m) on loans to failed property group, Signa.

The Zurich-based private bank has exited the private debt business, parted ways with former chief executive Philipp Rickenbacher, and appointed Goldman Sachs partner Stefan Bollinger as its new CEO from February 2025.

Following these moves, the bank revealed mixed results in its half-year 2024 financial report. While assets under management of SFr474bn were up 11 per cent from the end of 2023, net new money of SFr3.7bn was down by almost half (47.9 per cent) compared with the first six months of last year.

The bank said the net new money came mainly from clients in strategic markets, especially the UK, Germany, Spain, India, Singapore and the UAE.

Julius Baer recruited an additional 95 relationship managers in 2023. Another 21 were hired in H1 2024 and the goal is to hire 50 to 60 net new relationship managers in full year 2024.

“The Middle East is one of the strategic focus markets of Julius Baer,” says Regis Burger, the bank’s head of Middle East and Africa. “We have ambitious plans in the region as we continue to strengthen our existing locations including Dubai, Doha and Manama as well as increase coverage from traditional hubs such as Geneva, Zurich and London.”

Noting that the bank has seen “a flurry” of ultra-high net worth and high net worth individuals move to the Middle East recently, he says the “immense” potential of the region is being driven by factors such as economic reforms, trade links, investment into infrastructure and new technologies. HS

Best Private Bank in Andorra

Creand Crèdit Andorrà

Creand Crèdit Andorrà partnered with cryptocurrency service provider Onyze in February to offer crypto asset trading and custody services to its clients.

The move is part of a broader push by the Andorran private bank to expand its suite of non-traditional and alternative investments. This includes a growing stable of private equity offerings, known as Creand Select Private Equity.

“A key driver of our growth is our specialisation in products and services, allowing us to deliver enhanced value to clients and differentiate ourselves from competitors. Our strategic focus on alternative assets is central to this effort,” says Xavier Cornella, chief executive officer of Creand. JK

Best private bank in Australia

Westpac private bank

In early 2024, the Westpac Group launched a new technology strategy, Unite, aimed at simplifying and modernising its technology infrastructure.

Westpac expects Unite to account for 30 per cent of its annual investment spend until 2028, and says it will deliver improvements to both the customer and employee experience.

For private banking clients, Unite will boost existing digital service offerings and accelerate the development of new solutions in line with Westpac Private Bank’s development priorities.

Meanwhile, changing economic and market conditions both in Australia and globally are driving a change in investment preferences among high net worth individuals and their families.

Customers are expanding the scope of their investments to align with current market trends, according to Ashley Stewart, managing director, Westpac Private Bank.

“We are seeing increased client appetite for alternative investments, specifically what we regard as a generational opportunity in private debt,” he says.

“Other areas of investment interest include opportunities created from dislocation in global real estate, the rapid innovation occurring in healthcare to cater for a growing global population and divergences in Asia after an era of China being the dominant economic force,” says Mr Stewart.

Westpac Private Bank’s investments team source domestic and global solutions across a range of asset classes, based on key thematic trends, he adds. JK

Best Private Bank in Bahrain

Ahli United Bank

The landmark cross-border merger between Islamic banking giant Kuwait Finance House and Bahrain-headquartered Ahli United Bank completed in February 2024, in a major milestone for Middle Eastern banking.

As part of the deal, AUB Bahrain embarked on the complex task of converting its business to a fully sharia-compliant model, which it accomplished in December 2023.

Its private banking and wealth management arm has focused on building an Islamic wealth proposition that includes a range of investment solutions, including sukuk, equities, exchange traded funds, mutual funds, real estate and a mix of alternative investments. JK

Best Private Bank in Belgium

KBC Bank

As part of its 2023 responsible investing methodology, KBC introduced a new biodiversity policy, tightening the framework for assessing companies’ sustainability credentials and guiding the allocation of responsible investments.

This was accompanied by a new responsible investing dashboard for its clients, along with a range of updated green and sustainable products.

“We see responsible investing funds as our first offer to our clients and preferred investment solution,” says Achille Boeyé, marketing manager at KBC.

“In this way, we want to enable our clients to invest in companies and countries that recognise and act on their social and environmental responsibility.” JK

Best Private Bank in Bermuda

Butterfield

Butterfield finalised the acquisition of select Credit Suisse Trust structures in Singapore, Guernsey and the Bahamas in December 2023, in a move that boosts the geographic reach of its global trust operations.

It follows a number of other acquisitive deals in recent years, and Butterfield has signalled it remains open to further merger and acquisition activity in core geographies, alongside organic growth.

Meanwhile, Butterfield is also integrating sustainability into its global business, including a focus on the blue economy, education and healthy lifestyle opportunities and diversity, equity and inclusion initiatives.

It is a signatory of the UN Global Compact, which has influenced its own sustainability framework. JK

Best Private Bank in Brazil

Itaú Private Bank

Despite a challenging economic and constantly changing tax environment in Brazil, Itaú Private Bank increased its assets under management by 12.4 per cent, to R$880bn ($160bn), with about 21 per cent of AuM coming from outside Brazil.

“In 2023, we reinforced our corporate strategy, always prioritising customer service, highlighting agile service, strong technological platform and sustainable growth,” says Fernando Beyruti, global head of Itaú Private Bank.

“We rely on the entire structure of Itaú Unibanco to offer a complete ecosystem that encompasses everything from day-to-day solutions to the most sophisticated products. We are a one-stop-shop solution for our clients,” he adds. The private bank attained an ‘excellent’ net promoter score of 80 points in April.

Itaú restructured its advisory teams, aligning them to client profiles, and invested in technology, such as artificial intelligence, to help identify opportunities, boost business growth and offer new products in specific niches, such as agribusiness.

Moreover, in partnership with a global technology and data company, the bank is developing a tool to consolidate clients’ onshore and offshore resources, according to Mr Beyruti.

Itaú has pioneered a new credit product for the high income segment, creating a renovation and construction financing instrument to help clients avoid decapitalisation. In addition to the credit term, the disbursements and payment schedule can be adjusted to match the client’s cash flow needs, facilitating financial planning. JM

Best Private Bank in Canada

RBC Wealth Management

A powerhouse in the Canadian market, RBC Wealth Management has taken home the accolade for the top private bank yet again. No other bank can boast of a 13-year uninterrupted winning streak.

It has maintained its market-leading position among its peers, with a solid 32 per cent market share by revenue, 35 per cent by deposit balance and 28 per cent by loan balance in 2023.

On March 28, 2024, RBC completed the largest bank acquisition in Canadian history. As a result of the purchase of HSBC Bank Canada, the private banking unit gained 130 HSBC staff and their clients.   

“One of our biggest successes in the past year was integrating HSBC’s clients and colleagues, who came with a different culture and propositions, without disrupting our trajectory for double-digit growth,” says Kim Mason, executive vice-president and head of private banking Canada at RBC Wealth Management.

The challenging macroeconomic environment over the past two years – including steep quarterly interest rate hikes followed by cuts – required RBC to be agile and adapt its advice to clients’ unique situations.

Ms Mason attributes the bank’s long-running success to three things: the team’s diverse experiences and backgrounds, accreditations and education; scale and distribution in the country; and internal and external partnerships.

“A big part of our value proposition is bringing in the right partners at the right time for our clients,” she adds. JM

Best Private Bank in China

ICBC Private Banking

China is a market private banks across the world would love to crack, especially given it houses the largest number of billionaires worldwide at 818, ahead of the US at 800, according to the Hurun Global Rich List 2024. To put that into perspective, the UK has just 146 billionaires, Germany 140, Switzerland 106 and France 68.

Breaking into the Chinese market in a significant way, however, has proven difficult for overseas entities and so it is no surprise to see a domestic player winning the title of best private bank in China.

ICBC says it is exactly its ability to focus on its domestic market that has enabled the Chinese powerhouse, which is the largest bank in the world by assets, to stand out.

“We have focused on ‘national’ needs, financial capabilities, customer expectations, and our strengths,” says a spokesperson for the bank.

The bank has established what it calls its “entrepreneur’s partner banking service system” and, as of August this year, had set up “more than 1,500 entrepreneur service centres in 900 cities and regions worldwide, providing exclusive services to nearly 200,000 entrepreneurial clients”, claims the spokesperson.

“This demonstrates our commitment to collaborating with entrepreneurial clients to create a prosperous future.” CN

Best Private Bank in Denmark

Nykredit Private Banking

Nykredit Private Banking clients have access to a range of exclusive sustainability linked investment options, including private equity offerings in the energy sector.

This growing stable of green products and solutions comes as Nykredit pushes ahead with deeply challenging sustainable development goals, which include achieving a 60 per cent reduction in the carbon intensity of its investments by 2030.

“Nykredit Private Banking’s path to green goals is both challenging and inspiring,” says Lene Qvist, director of Nykredit Private Wealth Management. “To be Denmark’s socially responsible wealth manager, we must balance driving sustainable development with achieving strong returns.” JK

Best Private Bank in the Dominican Republic

Banco Popular Dominicano

The Dominican Republic’s economic success offers fertile ground for the country’s private banks, which are benefiting from the rise of a new generation of domestic clients as well as inflows of capital and arrivals from abroad.

Banco Popular Dominicano aims to capture market share through exclusive private banking products, including cards and accounts, that come with preferential terms and other benefits. It is also pushing ahead with an extensive digital transformation programme.

However, challenges persist, with competition, compliance costs and market volatility posing constant threats to most private banking institutions operating in the country. JK

Best Private Bank in Greece

Eurobank

Greece’s star is rising as geopolitical tensions channel inflows of wealth and finance from abroad. Eurobank has been a key beneficiary of this trend, and is tapping into shifting sentiment and growing interest from high net worth individuals.

“Wealthy individuals from across the globe are today forced to assess and act on wealth planning and structuring matters given the ever-growing challenges of geopolitical risks,” says Lia Pittaouli, Eurobank’s head of private banking, Greece.

Eurobank’s booking centres in Greece, Luxembourg, London and Cyprus have been experiencing heightened interest from international clients, who Ms Pittaouli says are drawn to residency and wealth migration opportunities in Greece due to the country’s stability. JK

Best Private Bank in India

HDFC BANK LTD

After losing its crown as best private bank in India for the last couple of years to Kotak Private Banking, one of the oldest private banking institutions in India, HDFC Bank Private Banking has wrestled back its title.

HDFC Private Banking, part of India’s largest privately owned bank, is building momentum in a country where wealth is growing fast.

And key to staying on top of this sharp spike in wealth is the creation of a “hub-and-spoke” business model as well as significantly increasing the bank’s personnel, according to Rakesh K Singh, group head investment banking, private banking, international banking, digital ecosystems and banking as a service at HDFC Bank.

This will enable the bank, which was founded in Mumbai in 1994, to expand its Indian presence and grow profitability, Mr Singh previously told PWM.

Indeed, the rapid rise in the number of India’s wealthy has resulted in a shortage of professionals available to look after them and so Mr Singh has told the financial press that  the wealth unit, which has around Rs6.5tn ($77bn) of assets under management, has had to tap into the company’s roster of retail bankers as well those working elsewhere to help close the gap.

He says the bank has been expanding its wealth team by between 10 per cent and 20 per cent every year for the past few years. CN

Best Private Bank in Italy

Banca Generali

Banca Generali restructured its network of 2,200 financial advisers and private bankers last year with a view to providing private clients with a more specialised and tailored service, while helping it achieve a three-year strategic plan objective of amassing total assets of €100bn ($111.2bn) by the end of this year.

Gian Maria Mossa, CEO and general manager of Banca Generali, hails the reorganisation as “a fully fledged revolution in the banker management model, which brings the vertical competencies of the HQ and the network closer together [and] aims to further strengthen service quality and enhance our financial advisers’ skills and development throughout Italy”.

In the interest of increasing its focus and expertise on environmental, social and governance (ESG) factors, a new division of sustainable advisers was formed, made up of private bankers who have obtained the EFPA ESG Advisor certification and for whom specific training courses and events are organised to enable them to best carry out their specific role.

Last year, Banca Generali also launched a new Swiss subsidiary – BG Suisse Private Bank – based in Lugano, a development Mr Mossa highlights as representing “a competitive advantage”.

“With regards to Switzerland, having entered a new market that has recently redefined its banking geography, opening up new opportunities, is a milestone for us, and brings outside Italy our multibooking model, which is unique and unparalleled in Europe,” he says.

Mr Mossa cites internationalisation as one of the challenges that private banking is currently facing. Other challenges are service personalisation, which he says “is increasingly necessary given the growing complexity of private customers’ needs” and a need to support small and medium-sized enterprises in their growth challenges “by channelling savings in that direction, [driven by] immediate incentives that investors can easily understand”. HS

Best Private Bank in Jamaica

National Commercial Bank Jamaica Limited

National Commercial Bank Jamaica (NCBJ) is tapping into the country’s fast-growing private banking market by striking a balance between in-person and digital services.

Its geographic reach across Jamaica is facilitated by a network of branches and direct assistance from account executives, while NCBJ’s online banking platform, mobile app and digital customer service assistant offer a mix of self-service solutions.

“Our approach is simple: digital for convenience, personal for trust,” says Audrey McIntosh, head of private banking, NCBJ.

“We empower our customers with technology, but our relationships come first. So, it’s the perfect balance, ensuring every interaction is tailored to their preferences,” she says. JK

Best Private Bank in Luxembourg

Quintet Private Bank

Quintet Private Bank’s partnership strategy produced collaborations with asset manager BlackRock and investment platform Moonfare in 2023, aimed at boosting its investment innovation and service capabilities.

These agreements are already bearing fruit, with Quintet announcing the staggered launch of a series of multi-manager investment funds designed with BlackRock, starting in April 2024.

The funds cover US equities, global high yield bonds, continental European equities and global investment grade corporate bonds.

“Partnering with both BlackRock and Moonfare supports our ability to deliver robust client outcomes, superior client experience and ongoing investment innovation,” says Bryan Crawford, group head of investments and client solutions at Quintet Private Bank. JK

Best Private Bank in Malaysia

Maybank

Malaysia’s booming private wealth market is offering Maybank fertile ground for growth, especially as a new generation of ultra-high net worth and high net worth clients comes of age.

However, challenges remain, as increased competition and market uncertainty demand ever-higher levels of customer service.

In response, Maybank has continued to improve its suite of financial products and digital solutions to keep pace with these changes.

“Maybank has navigated market volatility and evolving competitive landscape by improving our investment management proposition, expanding our digital capabilities and emphasising a personalised customer experience, ensuring sustainable growth and client satisfaction,” says Lim Eng Ping, head of wealth management, Malaysia, at Maybank. JK

Best Private Bank in Mauritius

The Mauritius Commercial Bank Ltd

The Mauritius Commercial Bank’s network of international representative and advisory offices continues to attract clients and opportunities across Africa, the Middle East and Europe, even as market and operating conditions have remained choppy.

This overseas development has been accompanied by the continued growth of its sustainable investment solutions, including clean energy and environment social and governance exchange traded funds, among other offerings. Further product innovations will be deployed in line with MCB’s corporate sustainability engagement.

But competition continues to pose a challenge, as a range of new and incumbent players tap into Africa’s fast-growing private wealth market. Navigating this competitive landscape will require differentiation and adaptability. JK

Best Private Bank in Mexico; Best Private Bank in Spain

Santander Private Banking

Santander Private Banking, part of Santander Group’s wealth management and insurance division with €480bn ($536bn) of assets under management, has recently expanded into the Middle East, while hiring more private bankers with a view to growing its business in Europe, the US and Latin America.

In December 2023, SPB opened an office in the Dubai International Financial Centre, a move hailed as “a very important milestone” by Alfonso Castillo, global head of Santander Private Banking.

Banco Santander subsequently underscored its commitment to the Middle East by opening a representative office in Qatar in March.

Ziad El-Saigh, senior country executive at the Qatar office, said at the time that having a presence in Doha would enable Santander “to better support the needs of both corporate and wealth customers” in the region.

In another sign of Santander’s growth ambitions, Bloomberg reported in May that the group had hired 90 private bankers since last year, including 40 private bankers by mid-2024. Many such hires have been at Santander’s Mexico and Miami offices.

SPB is predominantly targeting high net worth individuals and ultra-high net worth individuals in Latin America and the US, says Mr Castillo, adding: “For us, it is a strategic target and we are putting [in] a lot of resources and energy to make sure we serve them in the best way.”

Describing the US as “a huge opportunity and a tough market”, he says the bank is also looking to grow in Europe, while setting its sights on Asia which he cites as “one of the fastest growing wealth markets today”. HS

Best Private Bank in Monaco

Barclays Private Bank

Barclays Private Bank is revamping its flagship building in Monaco as it taps into surging inflows of new residents and capital.

The principality’s fortunes – and those of its private banks – have been rising as instability and political uncertainty prevail elsewhere.

“We’re seeing that the traditional face of the Monaco client is evolving,” says Gerald Mathieu, CEO Barclays Monaco, and head of Private Bank Europe and Middle East.

“The government has been working hard to attract younger individuals and families to the principality and we see that reflected in the clients that we serve, in particular supporting the growth of the young entrepreneurial market locally,” he adds. JK

Best Private Bank in Oman

Bank Muscat

A new generation of Omani entrepreneurs is emerging as the country’s next wave of high-net-worth individuals, driven by non-oil growth both at home and abroad.

This shift is transforming demand for private banking and wealth management services, with digital offerings increasingly taking centre stage.

In response, Bank Muscat is investing in digital platforms, while also maintaining its relationship-based services, as it tackles the opportunities and challenges of this new era.

“[Our] hybrid approach caters to the tech-savvy preferences of younger HNWIs in the country, while ensuring personal interaction and trust remain integral to client relationships,” says Abdullah Hamood Al Jufaili, assistant general manager, digital banking at Bank Muscat. JK

Best Private Bank in Poland

mBank

In 2023, Poland’s legal system formally recognised the ‘Polish Family Foundation’ as a legal vehicle to support succession planning and the continuity of family-owned businesses.

mBank swiftly updated its systems to allow clients to open service portfolios aligned with Family Foundation requirements. In doing so, it became one of the first institutions in Poland to offer these services.

“Succession planning, particularly in the context of Polish Family Foundations, is a complex scenario. A significant proportion of all open foundations in Poland are managed by our bank,” says Rafał Żelazko, deputy director of wealth and succession planning at mBank. JK

Best Private Bank in Portugal

Millennium bpc (Banco Comercial Português S.A.)

Growing client appetite for sustainable and environmental, social and governance (ESG)-linked investment offerings is driving change across Millennium private banking’s business practices and portfolio management.

A group-wide sustainability master plan has helped to embed ESG principles throughout the business, including a diverse range of investment products.

“We assess our customers’ sustainability preferences and take them into consideration when defining and enhancing the product and investment offer,” says Rui Coimbra, private banking general manager at Millennium private banking.

“We also meet the needs of self-directed investors who consider it relevant to contemplate, in their investments, social and environmental risk factors, making responsible investment funds available for subscription,” he adds. JK

Best Private Bank in Sweden; Best Private Bank in the Nordics

Nordea Bank

Nordea has been keeping itself busy within its home markets in the Nordic region and has been quietly building assets under management. And the move to buy Danske Bank’s Norwegian personal customer and private banking business last year – a deal that closes in November – helped provide another shot in the arm in terms of assets. Nordea Private Banking is the largest private bank in the Nordics.

The bank said the acquisition in Norway “fits well into Nordea’s strategy to grow in the Nordic region organically and also through bolt-on acquisitions”, with the transaction expected to increase Nordea’s market share in Norway.

Its growth strategy centres on entrepreneurs, new wealth and acquiring “non-private banked” customers from across the region.

Frank Vang-Jensen, president and group CEO of Nordea, said at the time the Danske deal was struck: “We are very pleased to announce this acquisition, which is an important step in executing our Nordic strategy, and which expands our presence in Norway in a complementary manner.

“It will add significant scale…and offers value creation opportunities through clear revenue and cost synergies. Most importantly, this will serve our new customers, who will benefit from our broad financial offering, expertise and leading digital services.” CN

Best Private Bank in Taiwan

E.SUN Bank

In 2023, E.SUN Bank became the first Taiwanese bank to open a branch on Japan’s Kyushu island, in the booming business hub of Fukuoka.

The move reflects E.SUN’s ambitions to capitalise on cross-border wealth and financial flows in the Asia-Pacific region, even as competition in this area grows.

“E.SUN private banking’s target customers are Taiwanese business owners, who typically deploy assets across the Asia-Pacific region and need a cross-border asset management solution,” says Mao Chin-Chen, president of E.SUN Financial Holding.

More recently, E.SUN opened a representative office in Malaysia, in July, to enhance its presence in south-east Asia. JK

Best Private Bank in Thailand

KASIKORNBANK PCL.

Family wealth planning is a priority for Kasikornbank private banking as interest in these services surges in the competitive Thai market.

By partnering with domestic legal firms, Kasikornbank private banking provides clients with a range of planning and continuity solutions for family groups.

In 2023, a new initiative known as the “Family Office” was introduced that includes services linked to the family constitution, including governance and decision-making around family wealth.

Alongside this, a “Family Reconciliation Service” has also been developed to manage the complexities of intra-family relationships, drawing on legal and regulatory expertise to deliver solutions for clients. JK

Best Private Bank in the Czech Republic

CSOB Private Banking

Economic conditions in the Czech Republic are improving following a period of subdued growth and high inflation.

As the outlook shifts, private banks are having to adapt to their clients’ changing investment preferences.

CSOB Private Banking expects growing interest in alternative investments in this environment, as customers seek higher returns and balance out their holdings of traditional assets.

This comes as CSOB Private Banking has developed a broad suite of socially responsible investment opportunities, covering a mix of environmental and social initiatives.

Green bonds and ESG-linked investment certificates, in particular, are attracting heightened client interest. JK

Best Private Bank in the Netherlands

Van Lanschot Kempen

Van Lanschot Kempen has regained its crown as the premier private bank in the Netherlands, an impressive feat in a competitive market. In 2023, net new money increased by 40 per cent in invested assets under management from both new and existing private banking clients in the Netherlands.

Last year, it acquired Robeco’s online investment platform to expand its affluent offering, it launched a sustainable mortgage product, and Evi van Lanschot, its online investments services provider, entered the intermediary market for pension investments. Its average net promoter score of +34 is testament to client satisfaction.

“Our success comes down to our highly personal approach, especially important in challenging market conditions,” says Wendy Winkelhuijzen, responsible for private clients Netherlands. “It’s essential to be close to our clients and deliver well-timed, tailored communications.” JM

Best Private Bank in the United Arab Emirates

Emirates NBD

A fracturing geopolitical environment has not altered the global outlook of Emirates NBD Private Banking, which continues to expand its international footprint.

In August, Emirates NBD opened its latest branch in Saudi Arabia’s King Abdullah Financial District, catering to high net worth individuals and other clients.

Private banking and wealth management services are provided through onshore business locations across Saudi Arabia, and in Singapore and London, while trust and wealth structuring solutions are offered through Jersey.

“Our international reach is strategically important in offering our clients diversified portfolio strategies across geographies, themes, sectors, and asset classes,” says Mohammad Al Bastaki, group head of private banking at Emirates NBD. JK

Best Private Bank in Turkey

AKBANK PRIVATE BANKING

In response to rising demand for digital services, Akbank Private Banking has developed a suite of investment solutions through its Akbank Mobile app, offering clients access to local and global equities, commodities, foreign exchange and more.

It has also launched Turkey’s first digital portfolio management service. These developments are unlocking opportunities with new and existing clients, despite choppy market conditions, as headwinds continue to buffet Turkey’s economic recovery.

“Akbank Private Banking’s business model is reflected in its human-centred and technology driven approach, which combines both physical and digital experiences,” says Dalya Kohen, executive vice-president, private banking and wealth management at Akbank Private Banking. JK

Profiles written James King, Joy Macknight, Chris Newlands and Henry Smith