In Banks on 23/11/2015 at 12:56 pm
Citigroup plans to double the number of wealth management clients in Asia in the next five years to one million, as the bank seeks to capitalise on an emerging middle class in the region.
Going by Citi’s track record in joining any party when it’s about to end (sub-prime lending, commerical property lending etc) our local banks who are trying to get big in privaye banking should be wary.
DBS’ private banking arm is now the eighth largest in the Asia Pacific, according to a widely followed industry ranking released on Friday (Oct 16), after assets under management (AUM) grew by by 35 per cent last year.
Private Banker International (PBI), an industry journal, said DBS’s AUM for high-net-worth clients rose 35 per cent to US$73 billion last year, helped by the Singapore lender’s acquisition of Societe Generale’s Asian private banking business.
“Other factors that contributed to (DBS’) success are a focus on digital banking, innovation, and the ability to retain customers as their individual wealth grows,” it added.
PBI had ranked DBS number nine in its previous ranking. Overall, PBI estimates that total AUM in Asia Pacific increased by 12 per cent to US$1.54 trillion last year.
(CNA sometime back)
In Banks on 04/08/2012 at 7:15 am
Or if DBS’s and UOB’s private banks are even trying?
Coutts recalls a story when a client dropped his wallet over the side of his yacht. One satellite-phone call later and the bank couriered out cards and cash to the next port he was going to. Then there was the diabetic client who got straight off an aircraft and into back-to-back meetings. When he finally checked into his hotel, there was nothing on the menu he could eat, so he called his bank – obviously – which duly sent a taxi there, complete with restaurant recommendations.
Private banks even send their clients’ children on boot camps for offspring of the ultra-rich. AH Loder Advisers has an annual dog sled expedition across the Arctic. While billed as leadership training, these trips are as much about ensuring the children stay with the bank when they inherit.
In Banks on 17/07/2012 at 9:52 am
Will never hear of this in our MSM, only why the Swiss bankers are rushing to Asia (and S’pore).
Geneva, which became a refuge in the 1960s for Egyptian cotton merchants fleeing President Gamal Abdel Nasser, developed as a Middle East banking center after King Fahd constructed a palace in the lakeside suburb of Collonge-Bellerive, where he held councils on summer evenings
Middle East has an estimated US$4.5 trillion of private wealth.
Too bad abt the investment banks though http://dealbook.nytimes.com/2012/05/24/in-the-persian-gulf-struggling-to-adapt-as-deals-dry-up/?src=dlbksb