Standard Chartered recorded 14% year-on-year revenue growth in its private banking operation in the first half of 2012. Standard Chartered Private Banks said total revenue was nearing $300m and it had added more than 2,300 new clients year-on-year. The emerging market-focused bank which continues to benefit from strong growth in the region has recently launched a range of Sharia-compliant wealth management products and services.
KBC have finalised the sale of its private-banking unit, KBL, for approximately 1bn ($1.23bn) to Precision Capital, a company representing a Qatari investors interests.The deal, announced on 10 October 2011, is set to release around 700m in capital for KBC. Luxembourg-based Precision Capital said the deal opens up the potential for growth in Europe, Asia and the Middle East and it plans a large recruitment campaign designed to strengthen its level of service to clients.
The global super-rich have used financial service firms to exploit overseas tax laws to hide $21trn offshore, according to a new study. The figure, based on 2010 data, is equivalent to the size of the U.S
Goldman Sachs is building an in-house private bank to cater for its wealthy global customer base, as it released figures showing its net profits more than halved in the second quarter. The Wall Street Journal reported on 17 July that the New York securities firm is increasing its private banking activities and that the new unit will also lend more directly to companies.