The world’s leading private banking companies operate an average of 69.3 subsidiaries each. We reveal the global hotspots for these operations.

Private banking multinationals are far less likely to establish subsidiaries in Asia-Pacific than the average multinational company according to analysis of GlobalData’s exclusively compiled subsidiary database.

Companies establish subsidiaries for a variety of reasons: they can allow them to expand into profitable new markets, to increase revenue, and to diversify their holdings to better manage risk. As a vital component to a company’s expansion plans, the establishment of a subsidiary can offer insight into investment trends, with our database allowing you to see these investment patterns on a wider, sector level.

GlobalData’s multinational company database – which can be viewed in full on our sister site Investment Monitor – contains information for 2,188 of the world’s top multinational companies (MNCs) by revenue. Of these MNCs, 260 are in the private banking industry, representing 11.9% of the companies in our database.

These private banking companies are less likely than average to establish subsidiaries in Asia-Pacific (16.5% vs 21.4%) and are more likely to establish them in Western Europe (38.7% vs 36.8%).

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Overall, the 260 private banking MNCs in our database operate 18,023 subsidiaries. This comes to an average of 69.3 subsidiaries per company, compared to an average of 99 for the entire database of 2,188 companies. It should be noted, however, that the number of subsidiaries is by no means evenly distributed within the sector. The most common number of subsidiaries for an MNC in the sector (the mode) is six, while the median comes in at 23, indicating that the simple average is skewed heavily by the bigger parent companies.

US-based Marsh & McLennan Companies Inc has the largest number of subsidiaries among the private banking sector MNCs within our database with 850. This means it ranks in 14th place across our entire database when measured by the total number of subsidiaries.

Where has Marsh & McLennan Companies Inc established subsidiaries?

Marsh & McLennan Companies Inc’s subsidiaries are distributed across the world with 40.7% of the total located in Western Europe, the highest for any region. Some 168 of Marsh & McLennan Companies Inc's subsidiaries are located in the UK, while the US was the second most popular destination with 110.

After Marsh & McLennan Companies Inc, Commerzbank AG had the second largest number of subsidiaries within the private banking industry MNCs in the database with 626, while Societe Generale SA was third with 606 and BNP Paribas SA was fourth with 595.

Where has Commerzbank AG established subsidiaries?

Overall, 9,251 of the subsidiaries owned by the private banking MNCs in the database were located in the same country as the parent company was headquartered. This meant that MNCs in the sector were more likely than average to have a preference for domestic subsidiaries at 51.3%, with the figure for the entire database standing at 45.7%.


GlobalData has compiled a list of top MNCs based on revenue. Any top companies that did not have a subsidiary were removed from the list. The latest company annual reports (2019 and 2020, where available) and websites were analysed for a total of 2,188 companies. For a subsidiary to be included, the parent company had to have a majority ownership/control in the subsidiary. Affiliates, associates, joint operations and joint ventures were included as long as the ownership criteria was met. Subsidiary information was captured at a country level. Country names were standardised. In total, 216,898 subsidiaries were captured.