Best domestic private bank: Westpac Private Bank
Westpac Private Bank wins the award for best domestic private bank in recognition of the strength and differentiation of its private banking and wealth management offering.
This was shown across multiple areas, particularly investment research, digital services and the high net-worth segment, where the bank also won awards this year.
At the core of the bank’s strength is its extensive range of banking and investment products, services and advice, and its focused approach to serving its private clients, with its private bankers each managing a maximum of up to 60 wealthy families – the lowest banker-to-client ratio in the industry.
This enables Westpac’s private bankers to dedicate more time and resources to each client. In turn these bankers are supported by a team of specialists, including new private lending managers and investment directors. Such has been the focus of the bank on better serving higher value clients, it actively reduced the number of clients each private banker serves by migrating over 11,600 clients to other areas of the bank, such as commercial, property and retail banking.
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