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Domestic players have done well in maintaining their lead in the southern European high net-worth market. In Greece, Portugal, and Spain, for example, domestic banks continue to top Euromoney’s private banking poll. But international competitors are making strong inroads, particularly among wealthier clients; in Italy, JPMorgan has dethroned domestic leader UniCredit altogether.
Domestic players have a natural advantage in the less-developed private banking markets and among the lower ranks of the wealthy, who are an obvious target with great potential. “In Spain, about 75% of target private banking clients are still using only regular consumer banks...
