All articles by PBI Editorial
PBI Editorial
DBS and ABC link up
Singapores DBS and Agricultural Bank of China (ABC) have signed a partnership agreement designed to increase business volumes in private banking and other operations.The banks signed a memorandum of understanding to enhance co-operation in Asia across cash management, treasury, loan syndications, corporate finance, trade finance, asset management and private banking.ABC is looking at working with DBS on new products and funds, targeting onshore and offshore investors.We are honoured to be ABC Banks Asia banking partner, said Jeanette Wong, head of institutional banking at DBS
Tax planning key for Kleinwort
Kleinwort Benson is to launch a deferred interest account as part of a strategy to help clients overcome current and future elevated income tax rates in the UK.The product, which has not been named, is a basic savings account, but instead of interest being credited monthly into the account, it is accounted for by the bank on an accruals basis As the client has not received interest, they do not have to pay tax on the money until the interest is credited to the account in other words, when the account is closed.For individuals paying the higher rate of income tax, the product is a way of deferring tax payments to a time when their annual income declines, for example when they retire It is also seen as attractive for those taking a punt that income tax levels will decline in the future, according to a bank spokesman.The product was initially created by banks like Bradford & Bingley International and Nationwide International for non-UK domiciled clients who are internationally mobile and looking to mitigate their exposure to UK tax.In a low interest rate environment, these products have not really caught on, said Jeremy Croysdill, Head of Tax Services at the bank
Asia financial centres on the up
Bankers have started to regain confidence in overseas financial centres as concerns over the credit crisis start to diminish.The latest Global Financial Centres Index, which surveys bankers attitudes towards financial centres, showed 59 of the 75 jurisdictions received higher scores than six months previously
StanChart sparkles in Indian market
Standard Chartered Private Bank has been making headlines across Asia this year, so it does not come as too much of a surprise it has also been making significant progress in India. That it has upped its assets under management (AuM) in the country from $100 million in 2007 to $1.5 billion today, placing it among the fastest growing private banks in the country, is a reflection of what many in the industry have seen it achieve across other Asia-Pacific markets.
MASECO ready to go live in Switzerland
MASECO Financial, the UK wealth manager, is aiming for a 6 October launch for a new business that aims to help Swiss private banks hold on to US clients.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Domestic players to the fore in Asia
As private banking gains prominence in Asia-Pacific, numerous domestic banks are vying for market share and attempting to break international private banks’ traditional dominance in the field. PBI highlights those best positioned to grow along with the rising wealth in the region.
A cut above the competition
The finalists for this year’s Global Private Banking Awards demonstrate it has been a strong year for HSBC Private Bank and Credit Suisse, both of which are in contention for the top global prize. SG Private Banking has also had a good year with five finalist spots.
Indian business models: a balancing act
Wealth management models in India are up in the air after a decision by the local regulator to ban asset management companies from charging up-front fees to investors. The industry is coming to terms with the new rules and some have started setting up advisory-led platforms.
Big M&A is back in private banking
Dutch bancassurer ING plans to sell off much of its private banking operations while Germanys largest independent private bank, Sal Oppenheim, is seeking help from Deutsche Bank In addition, Commerzbank has sold several private banking units as a condition set by the EU in return for extensive state aid while Royal Bank of Scotland has sold a number of private banking operations in Asia to ANZ.
Shifting the balance
Singapore, and Hong Kong to a lesser extent, have long been touted as Switzerlands of the East due to their role as the continents key booking centres.The attractions of Singapore in particular mean the city-state will remain the key Asian private banking hub for the foreseeable future, much as Switzerland has retained its lustre among Europeans despite the fully-developed onshore private banking centres now established across that continent.Having incontestably succeeded in its intentions to become a major global financial centre, the time seems ripe for Singapore to solidify those gains into something even greater