All articles by PBI Editorial
PBI Editorial
Private banks cost-income at 10-year high
Cost income ratios for private banks are at their highest rate for the past 10 years suggesting banks need to improve efficiency right through their organisations, according to McKinseys private banking survey. Last year PBI noted that costincome ratios were getting squeezed by falling profits forcing banks to review their cost bases and look at new business models.
Combine and conquer
Barclays Wealth has made a dramatic impact on the UK wealth market, offering a combined one bank solution to private clients in a traditionally fractured market New UK and Ireland head, David Semaya, discusses his ideas on comprehensive wealth management and the banks plans to increase relationship manager numbers.
SocGen signs custody deal with Abu Dhabi bank
Societe Generale Securities Services (SGSS) and the National Bank of Abu Dhabi (NBAD) have signed a commercial agreement to extend their securities services in Europe and the Middle East. The commercial agreement allows SGSS, the worlds sixth largest global custodian, and NBAD to expand the geographical coverage of their securities services. Each business will be able to leverage its product expertise in order to provide solutions and broader global support to European-based institutions and clients in the Gulf Cooperation Council (GCC) countries.
Global HNW assets rise, bank profitability drops
Global private banking assets under management (AuM) increased by a median of 17% to $16.5trn to the end of 2009 but overall private bank profitability dropped by a median of -35%, according to Scorpio Partnership.
BNP governance changes shift focus to Asia
The eurozones largest private bank, BNP Paribas, is to reorganise its wealth management businesses under a single business line across five distinct geographic markets.
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RBC wealth head eyes Asia and LatAm deals
Royal Bank of Canada (RBC) international wealth management president and chief executive Mike Lagopoulos said the Canadian bank is closing in on acquisitions in Asia & Latin America
Barclays Wealth boosts growing trust unit
Rick Denton is to head Barclays Wealth Advisorys clients and markets division as part of efforts to expand the banks growing trust business. Based in Guernsey, Denton will be responsible for winning new wealth structuring and advisory business and boosting services to ultra high net worth clients globally. Our client and market coverage now stretches from our new trust business in Delaware, US, through to our established businesses in Europe, and Singapore, where we have just had approval for a trust business to serve the Asia market, said Barclays Wealth Advisory head Rob Withecombe.
Vontobel targets Germany in one bank approach
Swiss bank Vontobel is to merge its German private banking, asset management and investment banking operations into one entity, to be named Vontobel Europe. Vontobel Germany head Frank Wieser said the integration marks its efforts to target the German market using its private banking, asset management and investment banking capabilities in a co-ordinated approach.
Kleinworts completion signals growth phase
UK private bank Kleinwort Benson is gearing up for a period of expansion following the completion of its sale to RHJ International (RHJI) for £230m ($350m) by Germanys Commerzbank Bank. Kleinwort Benson chief executive Robert Taylor said RHJI was in a strong financial position to develop new and exciting business ventures alongside its current business lines.
StanChart wealth management fees grow
Standard Chartereds (StanChart) wealth management fees showed strong growth year-on-year but have been hit by growing investor caution from Europes sovereign debt crisis In 2009, the banks income fell 31% to $161m in the Americas, UK and Europe, where the majority of Standard Chartereds business is in private banking