Best domestic private bank: Erste Private Bank
In recognition for enhancing the service it provides to clients in key areas, Erste Private Banking wins the award for Austria’s best domestic private bank – one of three accolades it receives in the country this year.
With over 6,000 customers and assets under management in excess of €45 billion, Erste holds a strong position in the domestic private banking market, something which stood it in good stead during the awards period.
This was evident in several important initiatives focused on high net-worth clients and the discretionary portfolio management service.
Among the initiatives for HNW clients the launch of Private Equity 2.0, Erste’s proprietary private market investment solution, was a standout, enabling efficient and cost-effective access to the most in-focus asset class of recent years.
Erste’s clients across the wealth segments also benefited from the bank’s discretionary portfolio management capability, a business in which assets more than doubled to €2.9 billion during the awards period.
The bank offers three services in this area – standard, modular and individual portfolio management – all supported by a highly experienced team of investment experts. The team, comprising 26 investment professionals and 14 research specialists, manages around €11 billion in assets for clients.
Best for discretionary portfolio management: Erste Private Bank
For the quality and range of its discretionary services and the growth recorded in the business, Erste Private Banking wins the best for discretionary portfolio management award in Austria this year.
A more than doubling of assets under management to €2.9 billion during the awards period points to the quality of Erste’s discretionary service. The bank has an experienced and expert team of 40 investment and research professionals who support clients across three types of service: standard, modular and individual portfolio management.
Its standard service enables clients to select from six predefined portfolios, each comprising a diversified blend of asset classes, managed according to a systematic investment process.
The modular service provides clients with greater flexibility and control over their investments. They choose from various modules corresponding to different asset classes, strategies and risk profiles, combining them to create a customized portfolio managed by experienced portfolio managers.
The third option, the individual service, is the most personalized, suitable for clients with complex and sophisticated investment needs. Clients choose from a wide range of asset classes and define their own investment strategy, risk profile and performance objectives. Each client is assigned a dedicated portfolio manager responsible for implementing and monitoring the portfolio according to the client’s specifications, providing regular and comprehensive reports, proactive and personal advice.
Best for investment research: Schoellerbank
Schoellerbank wins the best for investment research award in Austria for its commitment to and research in sustainable investment.
The bank, part of the UniCredit Group, started researching sustainability more than a decade ago, giving it a depth of experience and expertise in sustainable investments that few other wealth managers in the country can match.
Another point of distinction is that all of the bank’s relationship managers have completed dedicated sustainability training, making them certified environmental, social and governance advisers.
At the centre of the bank’s approach to this area is its advisory board for ethics and sustainability, which comprises a team of experts with sustainability management, business, academic and religious backgrounds, who have oversight for developing and defining the bank’s strategy on ESG investment products.
Importantly, at a practical level, the board also supports the bank’s portfolio managers, who have a range of ESG products to manage. These include sustainable mutual funds, special funds, structured products, ESG individual portfolio mandates, ESG funds and ESG discretionary funds.
Best for HNW: Erste Private Bank
Erste Private Banking wins the award as Austria’s best for high net-worth clients thanks to the enhancements it made to its services and products for this segment over the awards period.
This was demonstrated by several new developments at the bank during the awards period, the most prominent of which was the launch of Private Equity 2.0, its proprietary private market investment solution.
Designed in response to rising client demand for private assets, the cost-effective solution overcomes some of the key challenges investors face – high entry barriers, complex valuation and reporting, and regulatory and tax issues – when investing in private markets.
The key features of the product, which essentially enables HNW individuals access to a market that is typically the preserve of institutional investors, include regulatory compliance, multi-asset strategies, lower minimum investment, fiduciary processing and taxation.
As part of this, Erste clients can also invest in a private equity fund, Speedinvest IV, through an exclusive partnership it struck with venture capital manager Speedinvest.
Away from investments, some of the other enhancements Erste implemented last year included the opening of a new office in the centre of Vienna designed to attract HNW and ultra-high net-worth clients, and the launch of its private banking card.
Features and benefits of the card include travel and insurance benefits, as well as membership of the Falstaff Gourmet Club.
Best for family-office services: Schoellerbank
Schoellerbank wins this award as Austria’s best for family-office services in recognition of the quality and comprehensive service it provides to family offices in the country.
The range of advice and services is extensive, covering everything from asset management, advisory and special fund mandates, to securities structure analysis, private equity investment, customized fund-based insurance contracts, foundation services and real estate management.
On the cultural side, the bank can also provide clients with access to a national and international network of contacts to facilitate the purchase, sale or lending of art, and, through the UniCredit Group, classic cars.
One key development during the awards period was the bank intensifying its cooperation with the corporate and investment banking division, enabling it to provide clients with greater access to equity and debt capital market transactions, corporate finance advisory, M&A advice, risk management and financing solutions.
Best international private bank; best for HNW: UniCredit Bulbank
UniCredit Bulbank wins the best international award for the quality of its services and its leading market share in banking wealthy Bulgarians.
The bank holds a 29% share of the country’s high net-worth segment – clients with assets in excess of €1 million – making it a premier private banking and wealth-management provider. It is for this market position, as well as the quality of services it provides, that UniCredit Bulbank also wins the best bank for HNW in Bulgaria.
The bank has a specialized team focusing on creating bespoke solutions for clients and recently expanded its offering to include unit-linked life insurance products for succession planning.
Further strengthening its proposition, the bank made strategic digital investments in its mobile banking app and assets under custody platform, enabling clients to manage their finances remotely.
In addition, the bank also introduced its ‘Private Invest’ banking app, offering clients enhanced analytics, market research and access to more customized investment solutions.
During the awards period, the bank also invested in its own operations in important areas, such as sustainability, where it established an environmental, social and governance academy in collaboration with Sofia University. This initiative is designed to educate the bank’s employees in different areas of sustainability, one of the most important topics among high net-worth clients.
Best international private bank: Raiffeisen Private Banking
Raiffeisen Private Banking wins the award for Croatia’s best international private bank thanks to the remarkable growth and development it has achieved in this sector.
This was in evidence on several fronts: mobile banking and digital services; the bank’s sustainability offering; and in its high net-worth client base, which expanded by 29% last year.
A key development was the launch of completely new mobile and internet banking platforms supported by microservices infrastructure, which have enabled the bank to scale-up and innovate faster and more effectively. Private banking clients also benefit, with a better service and experience increasing the proportion of them using mobile banking services from 53% to 58% in the year to September 2023.
Since 2020, Raiffeisen has been at the forefront of providing clients in Croatia with access to sustainable investment products. This includes the Raiffeisen Sustainable Mix fund, which invests in equities and bonds. The bank continues to be a leader in this area, offering at least one environmental, social and governance-themed product or fund for each of the five client segments – determined by risk appetite – it manages.
More broadly, the bank’s investment and advisory platform is one of the most sophisticated in the market, which has proved attractive to HNW clients. One of the key elements of this is the bank’s efforts to provide clients with model portfolios that integrate international and local capital markets investments.
Best for HNW: Raiffeisen Private Banking
Raiffeisen Private Banking wins the award for Croatia’s best for high net-worth clients in recognition of the range of investment advisory services that it offers to this segment.
Last year was a good one for Raiffeisen’s private banking business, as the bank managed to grow the number of HNW clients to 136 from 97 year on year, expanding the proportion of this segment to about 16% of its total client base in the country. The bank’s goal is to grow this segment to 25% of its private banking clients over the next few years.
Driving this increase was the bank’s ability to provide investment access to primary government and corporate bond markets, and short-term fixed income investment funds, both of which enabled these clients to lock in high returns.
Supporting this, and an important piece in Raiffeisen’s strategy in the HNW segment, is its competitively priced investment advisory service and in particular its financial advisory tool. This digital platform offers clients a full range of automated capability from advice to solutions and can reflect sustainability preferences.
Best for discretionary portfolio management: Erste&Steiermärkische Bank
Best domestic private bank: Leon MFO Investments
Leon MFO Investments wins the award as the best domestic private bank in Cyprus for the quality and breadth of its wealth management services and advice. This was particularly evident in the key areas of family-office services, discretionary portfolio management and ultra-high net-worth clients.
For family offices, the firm provides advice on managing investment portfolios and assets, asset protection, tax and succession planning.
During the awards period, Leon MFO made several product enhancements including comprehensive reports for clients on their source of wealth and available funds, a succession road map document – detailing the technical steps a successor needs to take to receive the inherited family assets – and a tax comparison tool, which maps out the applicable taxes a client pays in their existing tax residency compared to other jurisdictions.
Leon MFO also demonstrated a strong discretionary offering across products and strategies, technology, client service and delivery.
Best international private bank: Eurobank Cyprus
Eurobank Cyprus wins the award for best international private bank in Cyprus thanks to its international reach and the quality and breadth of its private banking services. This quality and breadth is particularly evident in investment management, advisory and discretionary portfolio management.
Importantly, this capability is supported by a technologically advanced digital platform, which includes a customized wealth management offering that was first introduced in Cyprus last year as part of a broader rollout across the banking group.
Its technological infrastructure creates a competitive advantage, which is further amplified by the bank’s ability to fully leverage the Eurobank group’s resources.
During the awards period the bank saw total assets under management rise 21.6% by €891 million to €5 billion.
Best for discretionary portfolio management: Leon MFO Investments
Leon MFO Investments, Cyprus’s best for discretionary portfolio management, achieved 24.6% returns from a new equity strategy that is structured with a core-satellite approach.
The core of the Leon Equity Strategy is a range of broad-market exchange-traded funds, whose performance is largely driven by a small number of high-quality companies, particularly some the technology titans. The satellite part of the portfolio is focused on investing in long-term secular trends, such as falling capex in oil production, rising investment in nuclear energy, cybersecurity and luxury goods.
In the year to the end of September last year, the strategy roundly beat its benchmark, the MSCI World index, which generated returns of 16.4% over the same period.
The firm still managed to generate decent returns in its main bond and fund of hedge fund (FOHF) strategies. The Leon Income Fund generated 3.6% to end of September last year, while its FOHF strategy produced 3.5% (US dollar share class after all fees) returns, with a maximum drawdown of just 0.2%.
The firm’s new consolidated reporting system for clients enables them to have online direct access to their portfolios, providing them with real-time performance, portfolio composition, investor reports, and valuations.
Best for digital solutions: Eurobank Cyprus
Reflecting the investment and improvements it has made in its digital services, Eurobank Cyprus wins the award for best for digital solutions in Cyprus.
Last year Eurobank migrated its banking and investment business to a new core banking platform provided by Temenos. This enabled it to automate, optimize and enhance its internal compliance, risk management and data reporting framework.
Clients in Cyprus can now access a new wealth management portal on the platform, offering a range of functions and capabilities that enable them to gain greater control of their investment portfolios.
For example, there is a client dashboard providing a full and comprehensive view of their investment portfolios, an advanced analytics capability (providing analysis across multiple areas from investment positions and performance to transaction history), a real-time execution function and investment profile design via a questionnaire.
The bank continues to invest in building and maintaining a high calibre team of relationship managers and investment specialists, whose expertise is augmented by the digital platform.
Best for sustainability: Eurobank Cyprus
In recognition of its support of research and innovation in sustainability, Eurobank Cyprus wins the award for best for sustainability in Cyprus.
The bank has been engaged in multiple initiatives over the past few years to reduce its environmental impact, including efforts to achieve paperless banking, to increase recycling and to use solar panels on its buildings.
On the client side, it has been just as focused on helping clients with their sustainable transition and last year it integrated the sustainable finance framework and sustainable investment policy across its banking and investment operations.
The bank can now integrate certain environmental, social and governance factors into its investment services processes and can consider sustainability risks in investment decisions.
This is an important step that will benefit private banking clients, especially given the rise in demand for sustainable investment options and financing.
In addition, the bank also provides support to non-profit organization Cyprus Seeds, which offers grants, mentoring, training and international networking to startups in the country that specialize in innovative scientific research.
Best for UHNW: Leon MFO Investments
Leon MFO Investments wins the award for best for ultra-high net-worth clients in Cyprus. The firm focuses on working with a small, select group of ultra-high net-worth clients – each with over $30 million in liquid assets – supporting them across investment management, asset protection, tax and succession planning.
The firm does look to grow this client base, but it does this incrementally from year to year, carefully choosing the clients it believes it can work with based on their profile, compliance background and whether there is good potential to build a long-term relationship with them.
Of particular importance to this client group is ensuring security and confidentiality in their communications and return on investment.
The firm provides them with a secure, cloud-based data room, enabling data storage as well as fast and protected document and information exchange. The solution is kept on clients’ own servers, enabling limited access by third parties and is supported by a private messenger service between the client and the firm.
Best for HNW: Eurobank Cyprus
For the quality and breadth of its service and advice, Eurobank Cyprus is best for high net-worth clients in Cyprus this year.
Managed services comprise the bank’s flagship investment advisory and discretionary portfolio management services, which are a bespoke option for those clients with wealth exceeding €5 million.
Supporting this is the bank’s investment research team, which provides clients with frequent global and regional macro analysis and investment ideas across markets and asset classes.
Best for family-office services: Leon MFO Investments
For the second consecutive year, Leon MFO Investments wins the award for best for family-office services in Cyprus for the quality and variety of advice and services it provides to this segment.
This was shown across the core areas that Leon MFO focuses on: helping clients manage their investment portfolios and assets; asset protection; and tax and succession planning.
Last year the firm introduced several product enhancements to its offering, including comprehensive wealth analysis reports, succession road maps and tax comparison tools. It also organized several webinars, podcasts and educational events in Cyprus focused on issues such as family governance, the role of the family office and investment strategy.
The firm made several key hires last year across client relationship management, investment advisory, compliance and back office, which have helped strengthen the services provided.
Leon MFO has also been developing a select network of service providers, banks and consultants in other jurisdictions that clients can use if needed and the firm delivered good returns across various investment strategies.
Best domestic private bank: CSOB Private Banking
CSOB Private Banking wins the award for the Czech Republic’s best domestic private bank in recognition of its strong business growth and investment in digital and sustainability.
In the year to the end of September 2023, the bank’s assets under management grew 11.3% to Kc201 billion ($8.6 billion), driven in part by migrating 753 clients from retail to private banking.
Responding to client demand, the bank has been prioritizing digital investment in specific areas, especially in enhancing straight-through processing and introducing innovative products to facilitate remote services and ease of access.
In sustainability, the bank, which has blacklisted tobacco and coal investments, offers clients a range of third-party and proprietary sustainability-focused funds and products. Its own funds offer thematic investment strategies, predominantly related to ecological and environmental protection.
Best for HNW: Raiffeisen Private Banking
Raiffeisen Private Banking wins this award for its strong market position and impressive range of services for high net-worth clients.
The bank holds a leading position in servicing the country’s HNW segment, which it does through Raiffeisenbank and its local private banking brand, Friedrich Wilhelm Raiffeisen, which serves clients with assets of more than $2 million.
Among clients with assets of over $1 million, Raiffeisen commands a 12.1% share of the local market and a 19.1% share for clients with assets of between $450,000 and $1 million.
This market strength plays a part in attracting new clients and growing assets under management, which increased 10.7% to $4.1 billion during the awards period.
Through its local private banking brand, the bank provides clients with services in investment advisory, asset management, tax and legal advisory, and international banking.
Best domestic private bank: Bank of Georgia Wealth
Bank of Georgia Wealth wins the award for best domestic private bank in Georgia thanks to the range and quality of services it provides, which have helped it to deliver strong business growth and solid financial performance.
The bank serves customers and wealthier clients through its wealth management arm and Solo, a neobank it launched to provide premium banking services.
This combined approach enables the bank to capture and serve customers across the wealth spectrum, providing them with a comprehensive range of products and services that reflect their financial needs.
Among the key developments in the awards period was an upgrade to the bank’s investment advisory services and the launch of a next generation-focused banking service.
On the advisory services side, and in partnership with Galt & Taggart, a capital markets firm owned by the bank, the wealth management arm increased the range of investment products in its wealth management portfolio to include private investment opportunities and portfolio structuring – a capability in high demand due to the uncertainty and turbulence in financial markets.
Also responding to client demand, the bank launched Solo X early last year to serve a larger customer pool and provide lifestyle benefits to younger clients. Solo X had 22,000 new customers nine months after launch.
The number of customers of the wealth management arm rose 10% to 2,051 in the year to the end of October last year, with 330 of those clients worth between $1 million and $30 million in liquid assets. In turn, total assets under management – in US dollar terms – jumped 31% to $1.3 billion over the same period.
Best for investment research: TBC Bank
The breadth and quality of investment research and analysis it provides make TBC Bank the worthy winner of the award for best for investment research in Georgia.
Through TBC Capital, the bank’s wealth management clients can access macroeconomic, local and regional sectoral, equity and fixed-income research, produced by the team of analysts led by vice-president Irine Kvakhadze and chief economist Otar Nadaraia.
In addition to the regular investment research, the team also produces thematic research reports on important topics, trends and developments affecting international markets.
Recent reports have included in-depth analysis of the global importance of a normalization in the US treasury yield curve – inverted since July 2022 – and the potential effects on global markets and economy of a US government shutdown.
In 2023, 424 of the bank’s wealth management clients accessed the investment research. In total, to the end of October last year, some $423 million has been invested by clients in the investment products recommended by the research team.
Best for digital solutions: TBC Bank
TBC Bank wins the award best for digital solutions in Georgia for the development of its digital platforms, which has resulted in service enhancements across core channels, especially mobile.
This was demonstrated in the bank’s introduction of a new investment platform in its mobile banking app, refining the functionality of its private banking mobile app and integrating Visa Concierge services with WhatsApp.
Launched last year, the bank’s mobile investment platform enables clients access to global markets through stocks, bonds and exchange-traded funds. The solution is an extension of the advanced trading platform, integrated with InFront and Saxo Bank technology, the bank introduced in 2022 for customers that want to run more advanced and sophisticated investment strategies.
This platform now provides users with a single-view dashboard, materially improving their asset and portfolio monitoring capabilities.
In addition to these enhancements, the bank has also improved the user experience and functionality of its private banking mobile app – more closely aligning its design and performance around client needs and preferences – and integrated Visa Concierge services on its WhatsApp customer channels, giving them round-the-clock lifestyle assistance.
Best for HNW: Bank of Georgia Wealth
Bank of Georgia Wealth wins the award for the quality of its services to high net-worth clients.
This reflects from the support clients receive from the bank’s experienced private bankers, personal concierge advisers, private onboarding managers and private brokers.
In addition, clients benefit from being allocated three premium cards, including American Express Platinum, as well as preferential interest rates on deposits, loans and foreign exchange
Clients can also access sophisticated financing and investment products – including securities placed on the local primary market – as well as exclusive wealth-management events.
In the year to October 2023, the bank’s HNW client base – individuals with liquid assets between $1 million and $30 million – grew by 89 new clients to 330.
Best domestic private bank: OTP Private Banking
For its leading market share and the breadth and scale of its offering, OTP Private Banking wins the award for Hungary’s best domestic private bank again this year.
During an economically turbulent time for the country, the bank demonstrated resilience and growth over the awards period, not only maintaining its share of around half of all domestic private banking clients but growing assets under management by 7.5% to Ft2,810 billion ($7.7 billion). At the end of last year, revenues were also expected to have beaten the record Ft40.9 billion the bank generated in 2022.
The strength of OTP’s market position is down to many different factors, not least its continuous investment in capabilities across its three service segments: prestige private banking, private banking and digital private banking.
The bank launched numerous digital banking initiatives over the 12-month period. One of the most important of these was the completion of its wealth management platform, which is designed to provide clients with innovative investment advisory services.
The bank also sought to offer clients more of an environmental, social and governance-focus to its investment solutions, introducing several new model portfolios with ESG targets.
In addition, the bank also created a new multi-asset research group and advisory desk function, which structures customized investment options for clients. OTP also relaunched its discretionary portfolio management services, which included the implementation of new front office software.
Best international private bank: UniCredit
Recording another year of solid growth in assets and providing clients with a range of investment options to minimize the impact of the country’s economic and financial turbulence, UniCredit wins this year’s award for Hungary’s best international private bank.
Attracted by the Italian bank’s institutional strength and capabilities, Hungarian clients continued to entrust their wealth to UniCredit, driving total client assets up to Ft427 billion ($1.17 billion) at the end September 2023 compared with Ft416 billion the previous year.
This was an impressive performance in a competitive and turbulent market. An important focus for the bank was providing clients with investment advice and solutions that could help them navigate the country’s economic and financial volatility. These strategies included rebuilding the currency composition of client portfolios by shifting from forint to euro-denominated investments, restructuring bond portfolios and rapidly adjusting client rate exposures on any changes in local and global interest rates.
At the product level, where the bank runs an open fund platform, UniCredit listed several new thematic equity and regional equity funds and launched new structured products offering capital protected and ‘express plus’ solutions in both local and foreign currencies.
Best for investment research: OTP Private Banking
OTP Private Banking wins the best for investment research award in Hungary this year for the enhancements it has made to its investment research capability, benefiting clients at a time when there is much economic and financial uncertainty in the country.
The changes, led by the creation of a group multi-asset research function and investment advisory desk team, have materially improved the bank’s investment advisory service offering, particularly the quality of the research, analysis and advice across markets and asset-classes.
At one level, this comes from the multi-asset research function, which determines OTP Group’s investment strategy, formulates investment proposals on single equity or bond products and regularly engages with clients to advise and educate them directly or as part of specialist events organized by the bank. On another level, the advisory desk has been set up to structure model portfolios for clients, actively supporting OTP’s private bankers in creating customized portfolios.
In addition, the bank has created an investment advisory support team, which provides clients and OTP’s bankers with assistance, education and information on the bank’s range of investment products, as well as investment advice insurance and sales management support.
Clients have also benefited from the bank setting up a US brokerage desk, providing them with market access during local trading hours and access to range of securities and derivatives such as options and forwards.
Best for digital solutions: OTP Private Banking
For the strength of its existing digital platforms and the innovations it brought during the awards period, OTP Private Banking wins the digital solutions award.
Responding to customer needs, the bank developed and launched a number of innovations last year, including a new digital advisory service called Digital Private Banking, which by the end of the third quarter had attracted over 4,000 new customers.
The service, which is supported by a team of 20 advisers, primarily targets the upper affluent clients and operates around a virtual private banking hub that offers various services, including asset management and video banking.
In addition, private banking clients can now conduct FX transactions on the OTP platform and, through their selfie current account, will be able to open a new account at any time using the bank’s mobile app.
Other planned developments include the launch of OTP’s wealth management platform, which is in the final phase of its development and is expected to streamline workflows for relationship managers, and the formation of the Global Markets Tribe (GMT). This unit is designed to work across its banking businesses and particularly private banking, where it leads on developments across various areas from IT and product, to processes and regulatory compliance.
One of the key priorities of the GMT is creating the bank’s Single Market platform, intended to support the execution of financial market services, orders and products among external and internal (relationship manager) users.
A phased rollout of products across the platform is underway, with equity transactions launched first before FX and then derivatives, investment loans and advisory services. The rollout will start in the bank’s Hungarian operations before being expanded to its foreign subsidiaries.
Best for UHNW: UniCredit
UniCredit wins the Hungary’s best for UHNW award for its all-round quality of service and advice to ultra-high net-worth clients in Hungary – its second accolade in the country.
The bank’s commitment was shown in various areas of its private banking business, from in-person client events and its educational programme for the next generation of UHNW family heirs, to its digital offering.
Such client events included wine tasting and sporting events, as well as the Youngsters’ Academy, which is an interactive event designed to empower and prepare the next generation for the opportunities and challenges of the future. The event provides learning experiences to increase the knowledge and awareness of topics such as startups, branding, investments, sustainability and leadership.
The bank also provides a strong service to its UHNW customers via its digital channels. UniCredit was one of the first banks on the Hungarian market to launch its a robo-advisory application, called Private Invest.
Best for discretionary portfolio management: MBH Bank Private Banking
MBH Bank Private Banking wins the discretionary portfolio management award for delivering strong business growth and attractive returns to its clients.
Discretionary portfolio management services were reintegrated into the private banking division in 2022. The division has shown robust growth since, attracting 10 new clients over the research period, collectively contributing €2.16 million to the private bank’s total assets under management.
The bank offers clients three distinct portfolios across equity and fixed income, with risk positioning ranging from conservative to aggressive. These portfolios performed well last year, generating low double digit returns in euros and dollars.
Best for HNW: MBH Bank Private Banking
MBH Bank Private Banking wins the award for Hungary’s best for HNW for delivering good growth in high net-worth client numbers and developing services that meet the changing needs of customers.
The bank’s client acquisition strategy has paid off and last year 102 (17.6%) of its 580 high net worth individuals – with total assets of $1.42billion – became MBH clients.
A key attraction is the quality of the service and advice, which the bank continues to evolve with investment in resources and new initiatives.
For example, the bank created a dedicated team of five senior private bankers to focus on offering clients a more tailored banking service, and launched a series of treasury breakfasts, providing clients with market insights from treasury experts.
In addition to these developments, the bank introduced its Mastercard World Elite Debit Card, which offers clients a variety of exclusive benefits, such as discounts at venues, membership in the Mastercard Premium Programme and access to the bank’s Müpa concierge service.
Cardholders also enjoyed benefits such as complimentary champagne, VIP parking, airport lounge access, an exclusive telephone customer service and exclusive shopping experiences.
Best for family-office services: Apelso Trust
Apelso Trust wins the award for Hungary’s best for family-office services for its growth, development and the quality of services it provides to family offices in Hungary.
Since its foundation in 2018, the firm has grown rapidly and today works with over 50 families and has $40 million of assets under management. Importantly, the firm has acquired and is in the process of integrating an alternative investments fund company – renamed Apelso Capital – which manages institutional client assets of over $600 million.
The acquired company also provides investment advisory and portfolio management services, which will help further strengthen Apelso’s service offering, which the firm has been enhancing during the awards period.
For example, Apelso added accounting and reporting services that offer clients a more holistic view and analysis of their assets. This will complement other services such as tax and legal services and advice on succession, estate planning and wealth restructuring.
Strong on its own, Apelso also collaborates with other financial institutions in Hungary to the benefit of its clients. A recent partnership in the country with Interactive Brokers, for example, has resulted in lower investment costs for its clients – below the Hungarian market average.
Best domestic private bank: mBank
mBank wins the award as Poland’s best domestic private bank this year for enhancing its private banking business in core areas through multiple new initiatives and services.
Keeping it ahead of the competition, the bank has invested in developing various business areas for the benefit of clients, including digital, discretionary portfolio management, sustainability, family-office services, next generation and succession planning.
In digital, for example, mBank upgraded its online wealth management platform last year, enabling clients for the first time to view daily valuations of their financial investments, as well as historical performance data, a breakdown of their total investment portfolio and analysis of their portfolio diversification.
Importantly, the bank also developed online guidance on which instruments are best suited to a clients’ environmental, social and governance objectives, supplementing this with an ESG analysis report and encouraging client education on the topic through a series of webinars and insight published online.
The bank was also quick to see opportunities in other areas. In family-office services, for example, it acted rapidly to enable clients to set up the necessary service portfolios dedicated to Fundacja Rodzinna (family foundation), a legal vehicle that came into law last year that aims to support succession planning and business continuity of family-owned businesses.
Such was the demand for information, around 500 of mBank’s private banking clients attended the 14 seminars it organized on the subject between March and June last year.
Targeting next-generation clients, the bank also launched an investment focused podcast series and a YouTube channel.
Best international private bank: Santander Private Banking
Santander Private Banking is Poland’s best international private bank – the first of three awards the bank has won in the country.
Having grown strongly in recent years, the bank’s Polish business now accounts for about 20% of the domestic market, banking over 15,000 wealthy clients – each holding assets of over €6 million – and managing deposits of €6.9 billion.
This growth is due to several factors, not least the attraction of global capabilities mixed with strong localization in advice and services, which was demonstrated in various areas of its business during the awards period.
For example, the bank successfully launched a service geared to family foundations – recognized in Polish law last year – and, since May 2023, has opened 46 accounts for these entities. In the digital sphere, and responding to customer needs, Santander also introduced a new version of its mobile app, enabling greater customization in the design layout and functionality.
For Santander, local financial education and charity is an important focus for the bank in the country. Among several initiatives in these areas, the bank last year donated funds to finance scholarships for three talented children from across Poland.
Such activity, combined with the quality of service and advice the bank provides, helped to boost client satisfaction – the bank’s net promoter score rose to 69 in 2023 from 61 in 2021.
Best for investment research: Santander Private Banking
Santander Private Banking wins the Poland’s best for investment research award for the quality and comprehensiveness of its investment coverage.
The bank’s investment portfolio encompasses a wide range of products, including investment funds, structured deposits, structured certificates and bonds. The remit of its investment advisory services is also extensive, stretching across investment funds, active stock exchange advisory and structured products.
During the awards period, clients benefited from recommendations, regular reports and access to dedicated brokers. In addition, the bank’s innovative investment guide provides a comprehensive global model portfolio curated by experts, improving investment decision making for clients.
In response to evolving market trends and client demands, the bank has integrated environmental, social and governance considerations into its investment strategies. This includes the provision of structured products aligned with sustainability criteria such as green bonds, along with ESG-focused investment funds.
The bank also expanded its exchange-traded funds sector coverage to include on-trend sectors such as electric vehicles, US treasury bonds, battery metals and ESG assets.
Best for discretionary portfolio management: mBank
mBank wins the discretionary portfolio management award in Poland this year for providing an impressive range of investment solutions to help clients navigate difficult market conditions.
From offering clients safe-haven US treasury investment strategies through 2022, mBank engineered new liquid bond investment strategies last year that helped clients protect deposits from losses due to high inflation. The strategies, supported by converted deposits, have so far proved successful, attracting Z300 million ($75.5 million) since they were introduced.
In addition, the bank last year also made progress with its individual investment advice (IDI) service, which is dedicated to serving mBank’s wealthiest clients (those with assets over Z4 million). The bank has separated the IDI service assets from clients’ general investment portfolios, allocating them instead to portfolios dedicated to the IDI service. This has enabled the bank to upgrade the digital analysis tools available for clients and advisers, enhancing the quality of the service and improving reporting and data accuracy.
Best for next-gen: Santander Private Banking
Santander Private Banking wins this award this year for its commitment to banking the next generation. The bank is continuously evolving how it supports young affluent clients, whether through financial literacy, social and environmental programmes, new technologies or customized financial products suited to their life objectives.
It is an approach that seems to be working. The bank attracted 186 new clients aged 35 or under during the awards period, taking its total client count in this next-gen segment to 557.
The bank’s focus on digital outreach, primarily through its online channels, has been instrumental in engaging this tech-savvy demographic. The bank also prioritized financial education for young people, notably through initiatives such as the Online School Stock Exchange Game, which has tens of thousands of students and teachers from across Poland participating each year.
Launched by the Warsaw Stock Exchange in partnership with Santander, the online game is designed to increase young people’s knowledge of investing and the equity market.
Best international private bank: Raiffeisen Private Banking
Raiffeisen Private Banking wins the award for Romania’s best international private bank for the quality and range of services it provides to wealthy clients in a key market for the bank.
Its private banking business has achieved significant growth in recent years, with total assets under management reaching €1.45 billion in October last year. Some 12% of its 2,600 clients have assets worth €1 million and the bank expects this proportion to grow with rising wealth in the country.
A proactive approach to originating new clients has been boosted by internal referrals from Raiffeisen Bank Romania’s corporate and small and medium-sized enterprise divisions. Many of the bank’s upper-affluent clients are expected to transition to the wealthier client segment in the future.
This activity is supported on the ground by 18 relationship managers and four regional sales managers, who in turn are backed by the full capability of the wider Raiffeisen private banking, asset management, and corporate and investment banking business in the region.
Best for investment research: Raiffeisen Private Banking
The award for best for investment research in Romania goes to Raiffeisen Private Banking, which offers a broad range of local and global investment research to support the bank’s strong investment platform in the country.
Clients can access insight and analysis on macro, rates, FX, equity, fixed income, real estate and environmental, social and governance, produced by a team of local analysts and the larger regional research team consisting of around 80 analysts in 13 countries in central and eastern Europe.
To further strengthen client relationships, the bank last year resumed its roadshows across Romania, with dedicated investment seminars in major cities, providing access to its senior research and investment specialists.
The bank’s asset management arm launched a new fund in April last year – the EURO FLEXI Fund – which has since become the most successful new fund launch in Romania by value of total capital raised and number of investors.
Best international private bank: OTP Private Banking
OTP Private Banking wins the award for Serbia’s best international private bank in recognition of its comprehensive suite of services.
The private bank has enhanced its private banking services by integrating them with its investment services at the group level.
In a bid to further enrich its service offering, OTP has introduced investment advisory services in Serbia. This initiative is part of the bank’s broader strategy to provide a holistic suite of services to its clients, encompassing a diverse range of mutual funds, brokerage services, structured products and treasury products.
Encouraged by the success of its organizational transformation efforts in Bulgaria and Montenegro, the bank plans to replicate this model in Serbia in 2024. This move is anticipated to offer clients a wider array of capital-market products and further leverage synergies between market operations and private-banking activities.
Best domestic private bank: Tatra banka
Tatra banka wins the award for the Slovak Republic’s best domestic private bank for the range and quality of its services and strong business performance.
In the 12 months to the end of September 2023, the bank’s assets under management rose €188 million to €2.9 billion, while earnings hit €35.36 million – up 23.4% year on year.
During the awards period, the bank prioritized digital, making investments to enhance the client experience through advanced investment tools and streamlined access to investment portfolio information.
In addition, the bank rolled out its AllExclusiveTB app, which offers clients art consulting services, investments in luxury goods and exclusive real-estate opportunities. The app also offered clients an opportunity to invest in startups through its equity crowdfunding platform, Crowdberry.
On the sustainability side, the bank also launched new environmental, social and governance solutions in partnership with its parent, Raiffeisen Bank.
Best international private bank: Erste Private Banking
Erste Private Banking wins the award for the strength of its private banking offering.
Innovation and digital transformation were key focus areas for the private bank during the awards period.
Its private bankers were equipped with tablets, aiding their client engagement and supporting the bank’s paperless initiative. Other investments included enhancements to the bank’s digital platform, George, to ensure all services were accessible through the app.
The bank also embraced open-product architecture, which enabled it to access and showcase investment research from third-party providers.
Best for digital solutions: Tatra banka
Tatra banka wins the best for digital solutions award for the impressive enhancements it made to is digital platform.
The main enhancement was the launch of AllExclusiveTB, an app offering a range of exclusive services such as art consulting, diamond investment opportunities and real-estate investments.
The bank also advanced its open-banking strategy, which is aimed at enabling clients access to its services via external platforms. As part of this, Tatra became the first bank in the country to provide PSD2 aggregation as a service to third parties through its premium APITB service. It established an ecosystem with 11 third-party providers using the service.
In addition, Tatra banka launched its VR Generation project, which combines virtual reality, music and financial literacy to engage and educate young people.
Best international private bank: OTP Private Banking
OTP Private Banking is Slovenia’s best international private bank thanks to the range and quality of the services and products it provides.
The regional bank has been building its presence and operations in Slovenia over the past few years, culminating in February this year when it completed the acquisition of Nova KBM, making it the largest bank in the country by loans and deposits.
This will have implications for its private-banking business in the country, potentially boosting its private client base in the short term.
During the awards period, the private bank, in collaboration with OTP Global Markets, greatly expanded the financial products available to clients to include mutual funds, brokerage services, structured products and treasury products. The bank also rolled out advisory services in Slovenia.
Best domestic private bank: Akbank Private Banking
Akbank Private Banking wins the Turkey’s best domestic private bank award this year for its impressive business growth, digital innovation across all channels and a firm commitment to sustainability.
In a turbulent and uncertain economy, Akbank’s private banking business delivered a stellar set of financial results during the awards period, best highlighted by a 228% rise in profit in dollar terms to $147 million compared with the same period a year earlier. This profit came from $163 million of income – up 187% year on year – minus expenses of $16 million.
Supporting this performance was a solid 8% increase in the number of Akbank’s clients to 6,617 and 46% growth in assets under management to around $7.8 billon.
Akbank’s digital banking and investment platforms were key drivers of this growth. Also important was the bank’s focus on offering clients sustainable investment opportunities. Akbank last year created various environmental, social and governance-themed funds, offering clients investment exposure to the healthcare, alternative energy, agricultural and food technology sectors.
Supplementing this, Ak Asset Management launched a capital protected, foreign currency-based portfolio management product called Döviz Plus. The investment product, which has attracted inflows of $1.4 billion, offers a way for Turkish investors to express a view and benefit from fluctuations in the lira.
Best for sustainability: Akbank Private Banking
Akbank Private Banking wins the award in recognition of its commitment to sustainability and the range of sustainable investments it offers clients in its home market.
During the awards period, the bank expanded its environmental, social and governance-focused fund range, launching the agricultural and food technologies variable fund. Together with a health-sector fund and an alternative-energy fund, Akbank now offers private clients one of the most compelling selections of sustainable investment opportunities in the country.
Two strong examples of the bank’s commitment to sustainability came from loan and bond transactions completed by the parent group last year.
In October, Akbank raised $600 million equivalent through two separate dollar and euro-denominated sustainability-linked loans, highlighting the bank’s willingness to raise funding that is linked to how it performs against specific sustainability metrics.
In August, the bank raised $150 million through the placement of lower tier-2, sustainable capital bonds with the Asian Infrastructure and Investment Bank and the IFC.
This transaction followed an earlier $150 million subordinated bond issue, which was placed with the US International Development Finance Corporation, with proceeds used to provide consumer finance loans to women and women-owned small businesses in underdeveloped cities in Turkey. It is the first such transaction of its kind labelled as a gender tier-2 globally.
Best for digital solutions: Akbank Private Banking
Akbank Private Banking wins the award for Turkey’s best for digital solutions for the range and strength of its digital products and services.
A standout is Akbank’s Mobile Investment Module app, which enables users to manage all their investment accounts on one platform and invest across markets and asset-classes, from equities and fixed income to currencies and commodities.
The app’s use has grown strongly over the past few years and especially since 2022 when there was a sharp rise in demand among retail investors to invest in local equities.
To respond to this rising demand for mobile supported investing, Akbank has also developed and launched new investment products, including foreign equity and warrant transactions, and an FX trading platform called Anlık Döviz.
Best for succession planning: Isbank
Isbank wins the award in this category for the strength of its offering in private banking and succession planning.
One of the private bank’s key advantages is the experience and expertise it can draw on from İş Asset Management, which manages about $1.8 billion is assets for 60 Turkish families. Each family is served by a team of portfolio managers, an economist and an investment adviser.
In addition to the advice and services it provides to its clients, the bank also supports educational events for the next generation. For example,Isbank was the main sponsor of the Young Owners Forum, which is designed to help source startup investments, provide succession planning advice and improve financial literacy.
Best domestic private bank: Oschadbank
Oschadbank wins the award in recognition of the strength of its offering and business performance.
The bank increased the number of its clients, especially in the high net-worth segment, as well as its assets under management during the awards period. In the 12 months to the end of September 2023, its asset under management for individual customers reached Hrn179 billion ($4.58 billion) – up 19% year on year – boosted by a 60% rise in HNW clients to 15,000.
Digital innovation was at the forefront of the bank’s strategy, with over half of all customer inquiries handled through electronic channels. The introduction of the Oschad 24/7 platform also enabled clients to conduct a variety of banking operations online, with user numbers rising from 6.8 million to 7.5 million over the 12-month period.
In addition, the bank invested in advanced technology, integrating an artificial intelligence-powered virtual assistant to enhance customer services and operational efficiency. This assistant also helps facilitate the cross-selling of products, freeing up the bank to reallocate human resources to other critical areas.
On the cybersecurity side, the bank has implemented secure remote access to its IT resources.
Best international private bank: OTP Private Banking
OTP Private Banking wins the award for Ukraine’s best international private bank in recognition of its impressive range of services.
OTP’s business in Ukraine benefited from the launch of the Global Markets Tribe, a dedicated team overseeing the development of IT solutions, products, processes and regulations. This team was pivotal in launching several technological enhancements during the awards period, including the single-market platform, an innovative solution designed to streamline financial market services.
In addition, the bank launched a new wealth-management platform as part of a broader strategy to transform private-banking operations across OTP.
In sustainability, the bank adopted an environmental, social and governance strategy that encompasses developing frameworks for green loans and sustainable finance, and integrating sustainability considerations into its processes.
The bank integrated its investment and private-banking services for high net-worth individuals, ensuring a consistent and high-quality service model across its operations.
