All articles by Duygu Tavan
Agricultural Bank of China: private banking expansion
The Agricultural Bank of China (ABC), the third biggest bank in China by assets, is to expand its private banking network in mainlaind China. ABC currently has CNY330bn ($51bn) in assets under management (as of March) and a private banking network in 12 provinces.
Private banks’ appetite for riskier assets on the rise
The consultancy found that the alternative assets, such as hedge funds and real estate, made up 17% of all assets held by the largest wealth management firms in the UK in the second quarter of 2011.
Crédit Agricole outlines private banking ambitions
Credit Agricole has outlined four main strategic ambitions under its Commitment 2014 plan to become the market leader in Europe. Step up its pace of growth in fast-growing regions, namely Asia and Latin America
Qatar International Islamic Bank to buy Islamic Bank of Britain
The announcement comes after the Qatar Central Bank ordered commercial banks to shutter their Islamic banking units by the end of the year a move that would benefit banks such as Qatar International Islamic Bank as well as Qatar Islamic Bank and Masraf Al Rayan.
Country profile: Talking up Turkey
As the number of high net worth individuals continues to grow in parallel with its economy, Duygu Tavan speaks to analysts at Fitch and Moodys about the Turkish market.
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Credit Suisse to offer offshore investments in India via HDFC deal
Credit Suisses asset management division is to offer offshore investors access to Indian investments through a partnership with Indian asset management company HDFC. In return, HDFC will be the Swiss private banks exclusive partner for long-term asset management services in India.
Bank Leumi buys Swiss Banque Safdie
Bank Leumi’s private banking business operations in Switzerland are to merge with Swiss Banque Safdie, a family-run wealth management bank. The merger will boost Bank Leumis assets under management in Switzerland to CHF10bn.
2011 PwC survey open for participants
Pricewaterhouse Coopers (PwC) is looking for private banking and wealth management executives to participate in its bi-annual survey on industry trends. PwC conducts the Global Private Banking and Wealth Management survey every two years, analysingmarket trends and strategies, including operational and financial performance. Ian Woodhouse, a director at PwC told PBI that the survey is representative of the private banking and wealth management industry across the globe, covering the sectors in Americas, EMEA and Asia-Pacific.
UBP FY10 profit flat, AuM’s down 14% YOY
UBP said that the annual results were affected by the $500m settlement it agreed to pay to Irving Picard, the trustee seeking compensation for defrauded investors in Bernard L Madoff Investment Securities, to settle claims it invested in the fraudulent business.
Barclays Wealth targets HNW in China, Indonesia
Barclays Wealth has hired six directors in Indonesia and China as part of its strategy to target high net worth (HNW) and ultra-HNW (UHNW) individuals in Asia-Pacific. The appointments follow hires across other Asia Pacific countries last year, where Barclays Wealth added 20 bankers to cater for HNW and ultra-HNW non-resident Indians