All articles by Verdict Staff
Verdict Staff
Offshore is slower but profitable
Offshore wealth management players are continuing to grow more slowly than their onshore equivalents. However, they still remain highly profitable, with a strong business model, according to the European private banking survey by consultancy McKinsey. Onshore banks last year increased their assets under management by 15 percent, compared with only 9 percent for offshore players.
News Digest
Japan: Credit Suisse to start Tokyo private banking…Germany: German court sentences Liechtenstein tax evader…Argentina: Former JPMorgan private banker arrested…Switzerland: De Gier to retire as Baer group head…UK: Towergate breaking into wealth sector… Citibanks International Personal Bank has temporarily closed its doors to new business in the UK while the Financial Services Authority examines its anti-money laundering (AML) procedures.
American Express fined $65m after money laundering investigation
The companys subsidiary, American Express Bank International (AEBI), entered into a deferred prosecution agreement with the US Department of Justice to resolve a charge that it failed to maintain an effective anti money-laundering programme.Miami-based AEBI and American Express Travel Related Services of Salt Lake City were accused of violating the Bank Secrecy Act
News Digest
BrazilStrong private banking growth forecastAn average annual growth of 24 percent for private banking in Brazil is forecast for the next three years, according to chief executives in a poll of local wealth managers.The survey, by Pricewaterhouse-Coopers (PwC), suggests Brazilian growth will be a little off the pace of international wealth expansion, which a recent PwC survey suggests could hit 30 percent annually in the next few years.While global private banking CEOs anticipate that revenues will grow at an annual rate of 26 percent over the next three years, their Brazilian counterparts are forecasting a 31 percent increase
News Digest
Credit Suisse stake bolsters presence in Saudi Arabia…Tension grows between UK, Isle of Man…South African wealth manager FirstRand to expand overseas…Bank Sarasin streamlines private banking division…Asian family office numbers expected to jump…News Digest
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News Digest
Barclays gets OK to buy into New China Trust…HSBC opening in Moscow…Amex sues Credit Suisse over hirings…EFG continues growth…Rothschild strengthens its presence in Spain…
News Digest
UKSG Hambros buys ABN AMROs London operationsSG Hambros Bank, the UK private banking arm of Socit Gnrale, will add £1 billion ($2 billion) to its assets under management after the acquisition of the London-based private banking business of ABN AMRO The deal, at an undisclosed purchase price, is understood to have been very attractive for SG.Eric Barnett, SG Hambross group head of private banking, will oversee the integration of the new business.This acquisition follows a number of years of rapid growth since Hambros Bank was itself acquired by Socit Gnrale in 1998 to develop private banking in the UK and the Channel Islands, said SG Hambros chief executive Warwick Newbury
And the winners are.
Banking professionals from around the world attended PBIs awards dinner this month to discover which banks and bankers had picked up the industrys most sought-after accolades John Evans, chairman of the judging panel, rounds up all of the results from Singapore.
DBS Bank expands operations in India
DBS Bank has got the approval to set up eight new branches in India by the Reserve Bank of India across Bangalore, Chennai, Kolkata, Moradabad, Nasik, Pune, Salem and Surat.
HNW assets only a $24tr pool
The true size of the global private banking market is probably only two-thirds the volume claimed by widely accepted estimates of high net worth assets, giving the big private banks a much higher penetration rate than generally appreciated, according to new research. These much higher estimates of the private banking market have been historically based on the total wealth holdings of high net worth individuals, which are not in line with the type of assets that banks actually manage, contends new analysis by wealth consultancy Scorpio Partnership.