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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.
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By GlobalDataThen 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.
TAIWAN
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.
HONG KONG
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.
CHINA
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.
See also:
2011 PBI Global Wealth Awards: celebrating
champions
