Downfall of a dynasty

Downfall of a dynasty

The last days of Ricardo Salgado and Banco Espírito Santo

Middle East: Special focus

Middle East: Special focus

Exploring the challenges and opportunities

Wednesday, February 6, 2013

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Euromoney publishes 10th annual Global Private Banking Survey – UBS returns to the top


The private banking industry has had to modernize as never before to keep pace with the global needs of clients, new regulation and rebuild trust. Change has not come easy, but for those wealth managers that have blended global capability with product expertise in local markets, they continue to stand out from the crowd.



  View results
View results
UBS has beaten its close rival Credit Suisse to regain its crown as the world’s leading private bank after a three-year hiatus, according to Euromoney’s 10th annual Global Private Banking Survey. For the past three years, UBS had ceded its position as the top-ranked private bank to Credit Suisse, but after making material progress in repairing its reputation in the US and in its core market of Switzerland, UBS has succeeded in returning to the top position it had held since Euromoney’s benchmark survey was first published in 2004.

UBS was also recognized in the regional private banking awards, taking the number-one ranking in western Europe and Asia – ousting long-standing leader in the region HSBC, which fell to third behind Citi – while improving its position in North America, where it is now ranked fourth from fifth last year, and in Latin America and the Middle East, among other important regions.

Jürg Zeltner, chief executive of UBS Wealth Management, commented: "It means a lot to our people that their efforts are being recognized. Of course it helps enormously to have had strong investment performance in 2012 but this also acknowledges how we have stayed close to clients and shared and explained our capabilities."

With Credit Suisse ranked second globally, JPMorgan moved up one position on last year to third, while HSBC is ranked fourth and Citi fifth.

JPMorgan is one of the highest climbers in the global results this year, across categories such as relationship management, equity and fixed income portfolio management, lending/financing solutions, structured products and hedge fund investment, among others. In the regional awards, JPMorgan is once again ranked the number-one private bank in North America, and made impressive gains in western Europe, where it is ranked third from sixth last year, and Latin America, where it is ranked second – up from sixth the previous year.

Phil Di Iorio, chief executive of JPMorgan Private Bank, commented: "Being global as a private bank is critical to long-term success because both markets and clients have become more globalized. We are growing fastest in markets outside of the US, with a particular focus on expansion in Asia and Latin America."


Notes to editors:

The Euromoney Private Banking Survey covers more than 35 different product and client categories on a global and regional basis, and has ranking results in close to 100 countries. The results are based on a combination of bank-provided data and peer review.

The 2013 survey is the 10th annual survey conducted by Euromoney, and reveals the evolution of the private banking industry during the past decade. The trends that are shaping the industry are analyzed in detail in the editorial coverage accompanying the survey results, which will be published in the February issue of Euromoney magazine and available online to subscribers. Coverage also includes interviews with the heads of private banking at the largest global wealth management institutions.

Contact details:

To access the results and coverage of Euromoney’s Private Banking Survey, contact:
• Nicola Baker at nbaker@euromoneyplc.com or telephone +44 207 779 8754.

To access the results, you can subscribe online, or contact our subscriptions hotline at hotline@euromoneyplc.com or telephone +44 207 779 8999.

A full methodology is published online. Any other queries about the results should be directed to: 

    • Tim Moxon, head of research or 

    • Kalin Trifonov, private banking research.




Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.