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Wealth

Global private banking debate: Providers serve up the best of old and new

High net-worth families and their wealth are more mobile than ever, making private banking an increasingly global affair. The industry is changing at breakneck speed, but it is also a place where old-fashioned virtues lead to higher profits and more business from new clients.


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EXECUTIVE SUMMARY

• High net-worth clients are increasingly global, with family members, bank accounts, mortgages and assets distributed across the world

• Private banks face a constant challenge to comply with regulations in every market

• Hiring and retaining the best relationship management talent is key to success

• Every successful private bank must embrace technology

• Fast-growing China offers private banks a singular opportunity, while Brazil remains largely dominated by big local players

• The most effective way to attract new clients is still by word of mouth

• Philanthropy is an increasingly important issue for wealthy clients

Elliot Wilson, Euromoney: What are the biggest challenges and opportunities in private banking today?

LP, CPB Since the global financial crisis, private banks have been trying to figure out what business models they want to pursue, what ones are sustainable and which will produce significant returns for shareholders.



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