Wealth management firms in Central and
Eastern Europe (CEE) are beginning to redefine their offerings in
an attempt to exploit the booming levels of wealth creation seen in
Poland, the Czech Republic and Hungary over the past few
years.

CEE assets under managementFirms are looking to counter the oncoming economic downturn
by differentiating themselves from their competition and
introducing Western-standard service levels.

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The CEE market, characterised by a mix of mass
affluent and full-scale private banking offerings, is also
witnessing renewed interest from mid-tier universal banks such as
KBC, UniCredit and Erste, particularly in Poland.

KBC, already well-established in the Czech
Republic with $2.2 billion in assets under management, is looking
to upscale its “red carpet” Polish retail service into a pure-play
private banking offering in 2009.

UniCredit, meanwhile, is behind the largest
private banking service in Poland, Bank Pekao, which has $7.75
billion in assets under management.

With an estimated $60 billion in private
client assets theoretically available to wealth managers, Poland is
the largest CEE market, but the Czech Republic and Hungary also
continue to attract attention from domestic players looking to
carve out a niche, as well as larger foreign rivals.

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These range from Citigroup, which has
successfully implemented its mass affluent Citigold programme
across CEE markets, to Sal Oppenheim, which has moved in with what
head of CEE private banking Harald Friedrich labels a
“quasi-onshore” service.

For full analysis, see Pioneering private
banking