The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Europe: UK regions offer the key to growth

The UK private banking market is in rude health. However, although London still dominates, banks are throwing resources into regional growth. The biggest obstacle to organic growth is the lack of suitable talent to drive this expansion. Banks have to decide on the best business development strategy – acquisition, organic growth or servicing from the City? Julian Marshall reports.

Switzerland enjoys a bumper year


Pierre de Weck, Deutsche Bank “Above all in this business you need patience and that is something you have to learn. Building this sort of business is very different to building a transaction business”
Pierre de Weck, Deutsche Bank

THESE ARE GOOD times to be a private bank in the UK. Private banking and wealth management is booming. London continues to attract the newly mega-rich from such countries as Russia and India. These resident non-domiciled clients are classic private banking clients. Likewise the old money of the landed gentry. But there is also a new generation of entrepreneurs springing up all over the country.

Latest research from McKinsey shows that the industry is enjoying average pre-tax margins of more than 35% and a growth rate twice that of retail banking. Profits in 2005 grew by 23%.

McKinsey also says that there is still big potential for growth, with only about half of the assets of high-net-worth individuals being managed by private banks.

Perry Littleboy, marketing director at Coutts, agrees that there is plenty of business to go around.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree