Private Banker International handed out its inaugural awards for Greater China on 11 May in Hong Kong. These new awards are an important extension of the Private Banker International Global Wealth Awards held in Singapore every year.
China, Hong Kong and Taiwan represent an immense pool of high net worth assets and are at the centre of increasing efforts by banks and other participants, both foreign and domestic, to grow top-flight wealth management businesses.
The awards have been created to identify industry leaders that are setting new standards in this exciting wealth management market.
We divide our awards into two categories, the best domestic institution – recognising how local players are rapidly developing their own capabilities in private banking.
Then there are awards for the foreign players in these three markets, those traditional western banks have established themselves among the region’s leaders.
The awards were presented following Private Banker International’s Hong Kong Forum.
Best Private Bank Taiwan:
Chinatrust Commercial Bank
Chinatrust Commercial Bank Limited (CTCB) is one of the largest private banks in Taiwan. Up to December, the market share of clients with more than TWD3m ($100,000) of assets under management at Chinatrust remained at about 20% of its overall wealth management business.
CTCB has moved to an open platform structure in 2009 as well as developing an upgraded investor risk attribute prediction model. PBI believes Chinatrust is the bank to watch in the Taiwanese private banking scene.
Best Foreign Private Bank Taiwan:
Citi Private Bank
Citi Private Bank continues to lead the market by pioneering wealth management banking in Taiwan, helped by its 2007 purchase of Bank of Overseas Chinese.
Its Taiwanese bank provides tailored financial strategies, integrated solutions and onshore products to clients. It has also worked to expand its market share of clients with $1million-10m in assets with the launch of CitiGold Private Client, as it builds out its Asian private banking offering.
Best Private Bank Hong Kong: Hang Seng Bank
Majority owned by private banking leader HSBC, Hang Seng Bank nonetheless has its own private banking footprint that gives excellent service across offshore banking services, investment solutions and structured products. The strength of its parent has helped Hang Seng build to become the market leader in Hong Kong headquartered private banks. <
Best Foreign Private Bank Hong Kong: JP Morgan
Serving an estimated 60% of Forbes’ Hong Kong 40 Richest list, JP Morgan Private Bank has underlined its focus on Hong Kong with the move of its international head, Douglas Wurth, to Hong Kong from New York last year.
It has tens ofbns of client assets under management in Hong Kong in the ultra high net worth segment and offers clients holistic advice across traditional and alternative asset classes delivered in both an advisory and/or discretionary framework.
Best Private Bank China: China Merchants Bank
China Merchants Bank (CMB) has built a strong-customer centric model and stands out as a compelling domestic private banking player.
While not the largest of China’s onshore private bank offerings, the bank client assets under management have increased more than 50% in the past year.
Since starting up in 2007, CMB has evolved a full suite of products and services, including an open investment product platform.
Best Foreign Private Bank China: HSBC Private Bank
HSBC is without doubt the private banking leader among organisations based outside Mainland China.
Thanks to its long historical association with the region, it leads the market in asset size, asset class and investment product offerings.
This gives Chinese clients access to more than 90 offices in more than 37 countries – a highly sophisticated international investment solution with a local touch.