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The Rewind: Private Banks in 2016

Is the Private Banking landscape changing forever and for the better?  2016 is perhaps not the year to discuss about the future of Private Banking.  Instead, Mergers & Acquisitions (M&As) and consolidations seems to dominate Private Banking discussion.

More:

While we are busy getting these news from mainstream media and, there are plenty of growth stories unnoticed.  We bring to you a quick rewind of Private Banks in 2016:

No. 1 Which Private Banks were Acquired in 2016?

RBS Coutts Private Bank Thumbnail LogoSince 2008, Merrill Lynch was acquired by Bank of America while OCBC Bank notably acquired ING Private Banking, merging all Private Banking activities under Bank of Singapore.  Macquarie Private Bank and Societe Generale Private Banking were acquired by Julius Baer and DBS Private Bank respectively.  Julius Baer continued its expansion with the completion of Merrill Lynch Non-United States International Wealth business in 2015.

In 2016, more Private Banking acquisitions were announced or completed.

  • BSI Singapore acquired by EFG International
  • Coutts International acquired by Union Bancaire Privee
  • Barclays Asia acquired by Bank of Singapore
  • ANZ (Wealth & Retail Banking – SG, HK, CN, TW, IN), acquired by DBS
  • ABN AMRO Private Banking Asia acquired by LGT (Updated 6th December 2016)

 

No. 2 Which Private Banks Exited the Private Banking Landscape in Asia?

singapore-financial-district-2016-dec-1

Not all Private Banks choose to remain in Asia.  With increased competition and regulations, DZ Privatbank decided to withdraw their Private Banking business activities in this region, and will be referring their clients to Bank of Singapore.

Falcon Private Bank was an unfortunate casualty of the 1MDB transactions.  Monetary Authority of Singapore (MAS) forced the Private Bank to cease operations in Singapore.

 

No. 3 Which Private Banks are Growing Under the Radar?

Bank of China
Bank of China

While much of the spotlight had been on UBS, Julius Baer, DBS Private Bank and Bank of Singapore, many Private Banks are growing or shaping their growth strategies in Asia.

10 Private Banks to Watch in the Next 5 years (Alphabetical Order):

Did You Know:

Bank of China is the world’s top 5 largest bank by assets.  They have more than 300,000 employees.  Wells Fargo, the largest bank in the world (by assets) has more than 260,000 employees. In comparison, UBS has more than 60,000 while DBS has over 20,000 employees.

 

No. 4 Which are the Biggest Private Banks by AUM in Asia?

Singapore Financial Center
Singapore Financial Center

In a Private Banking AUM Report released in 2016 by Asian Private Banker, UBS remained the largest Private Bank in Asia.

RankPrivate Bank2015 AUM
1UBS$274 Billion
2Citi*$210 Billion
3Credit Suisse$150 Billion
4HSBC$112 Billion
5Julius Baer$75 Billion
6DBS**$75 Billion
7Morgan Stanley$72 Billion
8Deutsche$66 Billion
9JP Morgan$65 Billion
10BNP Paribas$64.5 Billion

Source: Asian Private Banker

  • * Includes Citigold and Citi Private Client
  • ** Includes DBS Treasures Private Client

 

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