Private
Banker International held its second annual Greater China
Awards, in Hong Kong. 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.
We divide these
awards into two categories, the best domestic institution –
recognising how local players are rapidly developing their own
capabilities in private banking – and best foreign players, in each
market.
Go deeper with GlobalData
The foreign bank
category recognises the way that western banks have established
themselves among the region’s leaders.
This year we saw
several new winners alongside banks which took the awards last year
– proof this is a dynamic market where leaders can not afford to
rest on their laurels when creating a client-centric wealth
offering.
The awards were presented following Private Banker
International’s Hong Kong Forum on 15 May at the Grand Hyatt
Hotel.
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By GlobalDataTAIWAN
Best Private
Bank
Chinatrust
Commercial Bank
Competition between Taiwan’s top private banks is fierce,
with Chinatrust leading the field in assets under management and
client numbers in the higher wealth bands. In the past year, it has
readjusted its client segmentation model, as Taiwanese HNW look
increasingly to local, rather than foreign, wealth managers. And in
2012, it is also looking to build its offshore capability in
Singapore and Hong Kong – signs of its regional
ambitions.
Best Foreign
Private Bank
Citi Private
Bank
Citi is recognised as the market leader among foreign
banks in Taiwan, with AuM almost double that of its nearest foreign
rivals. Its tailored financial strategies, integrated solutions and
onshore products to clients have meant significant success as it
focuses on the UHNW segment. It has also worked to expand its
market share of clients with $1-$10m in assets with the launch of
CitiGold Private Client, as it builds out its Asian private banking
offering.
HONG KONG
Best Private Bank
HSBC Private
Bank
HSBC is indelibly linked with Hong Kong and it continues
to maintain its market leading position with a jump in AuM in 2011
at a time when many of its competitors slumped. It became the first
global private bank to start offering CNH services to its clients
and its recent RMB bond launch in London underlines its importance
in linking developed and developing markets.
Its wealth planning
offering provides important advice as the industry prepares for a
massive intergenerational transfer of wealth.
Best Foreign
Private Bank
BNP Paribas
Wealth Management
BNP Paribas Wealth Management is making strong headway in
the Hong Kong market with a spike in net new money in 2011. In
2011, it established a formal referral programme between its
corporate and investment bank and wealth management divisions with
a big increase in the amount of introductions and referrals. Client
success stories illustrate the depth of this
collaboration.
CHINA
Best Private Bank
China
Merchants Bank
China Merchants Bank has built a strong customer-centric
model and stands out as a compelling private banking power among
the domestic players. It continues to grow AuM at more than 30% per
annum, proof that its focused private banking model is winning over
clients.
It has put
considerable effort into expanding its product suite, offering an
increasingly sophisticated range of investment solutions including
fund of funds and private equity solutions. It is also exploring
innovative technology, including an exclusive social network for
its clients.
Best Foreign
Private Bank
HSBC Private
Bank
For the second year running, HSBC Private Bank has taken
this award. Leveraging on the extensive network and knowledge of
its corporate offices, HSBC is working to access key clients in
mainland China. It continues to lead the market in asset size,
asset class and investment product offerings among foreign banks.
Its work providing offshore services, particularly around the trade
of Chinese renminbi, is an important part of this.
GREATER CHINA
Best Private Bank (UHNW)
JP Morgan
Private Bank
JP Morgan Private Bank remains ahead of the pack in
serving the UHNW in Greater China. It boasts, for example, of
relationships with more UHNW families than its competitors. This
bank is ratcheting up its competitive powers with the launch of
private wealth management in Asia, aimed at clients with between
$10m and $30m of investible assets.
