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


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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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• 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.

After the crisis, many global banks deeply restructured their business models or exited entire regions, whether through a sale or by shutting down operations. The challenge every private bank faces is figuring out what is the right strategy for them.

In today’s world, global private banks compete with one another in two ways – either by scale or by niche. Citi Private Bank is not the biggest, but we don’t want to be the biggest. We want to be the best private bank for our clients, which for us means focusing on ultra-high net-worth [UHNW] individuals and families.

These clients tend to be ever-more global, with family members, bank accounts, mortgages and assets distributed across the world. These are truly global families and we want to be the bank of reference for them.

We serve developed and developing markets in Europe, the Middle East and Africa, and to serve such a huge region, you must have a strategy that addresses the needs of a target client, wherever they are based.

In the region I serve, there are roughly 70,000 families, each with an accumulated net worth of at least $30 million; and that number is rising, both in terms of the quantum of families in that category and the minimum threshold of UHNW wealth.


Euromoney: And what is the greatest challenge you face?

LP, CPB Everyone’s biggest challenge is getting a business model that is 100% compliant with every regulation and which is entirely up-to-date with new and pending legislation. A lot of banks are burdened by very costly business models, which have forced them to restructure or exit the industry.

The second biggest issue you have is that if you want to go after the elite UHNW families, your bank needs the right talent; and retaining and integrating that talent takes time and work and a lot of management.

Euromoney: Latin America of course faces its own set of very specific challenges and opportunities. How do you tackle them and look to benefit from them?

JW, BPB I should start here with technology and innovation. It’s amazing how many banks are moving rapidly into technology, with smaller players rolling out online internet banking and robo-advisory services faster even than some larger players. Other challenges are pricing models and the pressure of retaining staff. Private banking is a long-term relationship built on trust – and if you have turnover, it’s a big issue, so a key focus is to determine the right level of remuneration.

The other main challenge is the rising regulatory burden. Take Brazil, where opening a simple bank account is a nightmare. It can take weeks and you have so many forms to fill out and red tape to wade through. You spend half of your time these days scrolling through regulations rather than discussing business with clients or developing new products.

The question for all of us is: ‘Do I reinvent from the ground up or do I rebuild the plane at 36,000 feet?’ Add to that the pressure of being based in an economy that has just suffered three straight years of negative growth, which has hit private banking.

But there are positive signs.

For instance, an increasing prevalence of individuals transferring personal wealth to their own businesses, meaning they really believe in their own assets.

There are three banks in Brazil with a combined industry share of 60%, and private banking in Brazil is basically run by local banks. If you do not have a huge retail bank, running just a private bank doesn’t work in Brazil. You can come in and make it work, but it’s also true that a number of foreign players are leaving the country.

Euromoney: At China Merchants Bank, you are embedded in one of the world’s most fascinating private banking stories. What are the challenges and opportunities you face in China’s fast-growing and increasingly wealthy economy?

WC, CMB In China, as is the case in other major markets, there are shared challenges. These include changes to the regulatory environment, to legal and tax regimes, to rules girding private property and in some countries, political instability. For us, the focus is on hiring talented personnel able to adapt to the changing global economic, financial and legal environment. But finding and hiring this talent is a huge challenge for us.

China faces specific challenges. It remains a relatively fast-growing economy that is undergoing a slow economic transformation from a manufacturing-based economy to one geared toward services and consumption. China’s capital markets are still at a very early stage of development, as is the currency, which faces the challenge of becoming more internationalized in the years ahead.

These aren’t solely problems for China’s private banks: all lenders, including foreign-owned banks, face the need to adapt to changes in Chinese law. I think the rule changes we see at home are sensible and are helping to improve and expand the asset management and wealth management industries.

New rules will be implemented going forward: for instance there is still no inheritance tax in China, and we should expect the introduction of estate tax, as well as tighter rules that further protect private property.

In terms of other challenges, we need to help our customers, particularly the first-generation wealthy, helping them to protect their property and assets and safely to pass them on to the second and third generation. This is a very big challenge. Over the next decade, China’s private banks have a golden opportunity to benefit from a genuinely vast and fast-growing market. There is space for existing players to grow and new players to enter.

Many of China’s richest families have built their fortunes on wealth accrued from the capital markets, but far more wealth will be created as the local stock and bond markets expand, as property valuations continue to rise and as entrepreneurs translate great ideas into personal wealth.

This is also a fantastic opportunity for China’s future and for private banking in the country.

AT, SPB We see three major trends in private banking and wealth management that will influence the future of the business: regulations and compliance; business efficiency; and the professionalism and skill of private bankers. Playing smartly within those limitations, with the right balance between risk and potential profit, gives players opportunities to develop business further.

Wealth management and private banking are undergoing major changes all over the world. In Russia, regulatory changes affect industry players, but challenges can be turned into opportunities for financial players who are able to manage their resources better and plan for the future. HNW and UHNW families want well-priced and timely managed solutions, and are willing to pay for good advice and high-quality digital services.


Euromoney: How much of a challenge is it to first win and then to retain clients?

LP, CPB Our target market is a very specific one. There may be 70,000 UHNWs in the region I cover, rising to 90,000 over the next few years, but we bank a fraction of that number and we want to keep it that way. If you are looking to achieve a controlled and healthy rate of growth, you are probably going after a select group of clients in any jurisdiction.

We know our markets very well and our aim is to establish a business model where our product specialists are targeting the right people in the right places. And we aim to keep our offering very simple: to provide ideas and flow to our clients rather than pushing ‘product’. It’s based on a few regional booking platforms: in Switzerland, London and the Channel Islands.

When it comes to winning new clients, the most effective way to attract them is through word of mouth. We bank the most important families in every market in which we operate, and they all know each other and have done so for generations. Many of them attend the same family office forums and social events, so when one of them is very satisfied with Citi Private Bank, word spreads, and that is the best form of promotion.

There are so many risks in doing private banking in the modern world, controlling the number of clients you have is crucially important. And because so many of our clients are prominent people, it’s easy for us to do the due diligence on them – there are rarely surprises.

Euromoney: João, you said that the one thing you don’t want to do is to lose clients. How do you avoid that happening? And where do you look for new business?

JW, BPB Retaining clients is all about the quality of your staff, the blend of products and services you offer and your history. I would rather double my efforts to retain one client with assets under management of $10 million than to work my socks off to win a new client with half that amount of AuM. When you lose an HNW or UHNW client, for whatever reason, it can be very damaging to your business.

We have 27 million clients in Brazil, from retail to mass-affluent to UHNW. New clients come mainly from within: we keep track of them as they work with our retail and corporate or investment banking teams. From their credit and debit card spending alone, you can tell if a wealthy client is doing business with a competitor. Rich people just meet rich people and talk about business, and they will tell each other when they are happy or unhappy with their banking providers. Do a good job and the business will come to you.

Euromoney: So you don’t need to seek out new business across Brazil and Latin America?

JW, BPB It’s a competitive market – we don’t just sit back and relax and expect clients to come to us. But we have a huge customer base to explore. There is a lot of M&A in Brazil and families can become wealthy overnight, but our staff, our data, talking to one another, can help deliver new customers to us too.


Euromoney: China Merchants Bank is top of the tree in private banking at home, but competition is rising. How do you decide where to invest to grow your business?

WC, CMB The Chinese market is growing rapidly. At the end of 2016, China had around 1.5 million HNWs with at least Rmb10 million ($1.47 million) in AuM. Over the past two to three years, that number has been growing at an annual rate of 10%. We bank around 60,000 of the country’s HNW families and our data shows that we are the country’s largest private banking provider.

But the market is highly fragmented and decentralized, and the importance of brand – which for us is the main reason why a new customer chooses a private banking partner – cannot be overstated. Hence the importance of targeting and securing awards for best Chinese private banks: for us, these prizes really matter, allowing us to target new clients in new geographies.

Our customer base has grown at a far faster pace than the average, by a compound annual rate, over the past five years, of 30%. And this matters as, going forward, the market will become larger but also concentrated in the hands of a few players. People can become millionaires or billionaires overnight in China, making their money via the capital markets, in industries like technology, media, telecoms, agriculture and retail.

This process will only continue as local capital markets deepen. Securing the services of the ‘new wealthy’ will be key – and as my friends here have so clearly articulated, a key way to win new clients is by word of mouth. You want to satisfy your existing customers so they recommend your services to their friends. Ensuring a client is well cared for is vital to the process of building up customer loyalty.

Euromoney: In China, do you seek out the top 1% of clients? And is private banking likely to consolidate in the country?

WC, CMB Competition is more intense in capital markets than it is in private banking. But the industry is changing. At first, neither we nor the customer really knew what kind of service they needed. That’s changing. We are now entering the second phase of development, where private banks and financial players of all kinds are working out their target market, their target client, what services they need to offer and improve, what model works for them.

Competition is becoming more intense and each institution is looking to cement its market position and hone its image.

In my view, the battle for a client’s business is going to become fierce, boosting market consolidation – a major challenge for all private banking players, including us.

We have a very troubling problem, which is that we have many customers, but not enough good, qualified relationship managers (RMs) or private bank practitioners. We can only train so much potential talent.

So we are turning to technology and innovation to train RMs and to extend new services to our clients. A lot of non-complex operations can be resolved using technology, which allows us to allocate our human capital more wisely, thereby boosting profits and efficiency.


Euromoney: Is technology everything or will things work themselves out? Which services are best channelled digitally and which best delivered in person – and is digitization less or more of a challenge than it was a few years ago?

LP, CPB Technology is everything and things will work themselves out.

To be a very successful private bank, you absolutely need to embrace technology. The first tool that will allow a bank to capture clients is your website. There are clients that visit a website to understand how a bank works, so you need to ensure that yours is uncomplicated and user-friendly.

Secondly, we use technology to interact with clients every day on reporting, performance analytics, research and daily marketing. If the client is highly transactional and keen to use technology to trade on their own account, then technology is crucial in terms of executing the client’s orders flawlessly and ensuring that the client sees on a screen what you’re executing for them.

Private banking spans generations, so you may be dealing with an 80-year-old client who knows nothing about technology and a 20-year-old who made his fortune in technology. At the end of the day, your technology is only as good as your advice and vice versa. If you can marry clever technology and good advice, half the battle is won in terms of serving your clients and dealing with your competition.

The amount of money that gets invested in technology by banks these days is simply enormous. It’s a key to profitability, but it’s important that the whole organization embraces technological change and innovation.

And far more important is how your organization adapts to new processes and how your managers with 20, 30, 40 years’ worth of experience adapt to change.

Euromoney: Is technology more important to what you do than to any other part of your institution?

LP, CPB The whole of Citi is hugely invested in technology. It’s all interrelated.

A lot of the solutions we provide to our private banking clients are similar to those that our global markets colleagues offer to very large institutional investors. The fact is that if you are talking to a $5 billion family office, the dialogue isn’t that much different to the way you communicate with a $20 billion fund. The technology you use to interact at the bank’s end and at the client’s end is very similar.

JW, BPB Technology and compliance are our two biggest challenges.

Technology is best used as a tool rather than a solution. Sometimes we say we embrace technology to serve the next generation, but this is a big mistake. I’ve seen clients aged 70 or 80 who embrace technology more than 30- or 40-year-olds. People get busier and busier; our clients travel all over the world. If you travel to Asia, you don’t want to be unable to reach your bank back in Brazil, just because you’re in a different time zone.

I believe the relationship manager will never be replaced, but technology helps clients access information and make decisions. Technology also allows you to find all the information you need about a client. Take too long to embrace tech and you may be one of the big losers.

We split clients into three categories: mass-affluents, who tend to be heavy users of technology; HNWs, who use it a bit less; and UHNWs, who typically use technology to access information and data, then have long meetings with their relationship managers, and finally make informed decisions.

WC, CMB The biggest change over the last two years has been the use of mobile phones and tablets. Fewer and fewer customers in China go in-branch, preferring to do their retail banking online. This presents us with the question of how we reach our customers.

When it comes to our HNW clients, around 80% are entrepreneurs, while 20% are corporate executives. Entrepreneurs want to speak with you face-to-face and that’s the best way to get to know them and to understand their needs. So advanced technology or fintech is of little use here.

But technology does allow us to provide more efficient and better all-round services to customers. Our relationship managers often communicate with clients over the phone or face-to-face. But many customers use social messaging tool WeChat to contact us, which can be a quick and efficient way for both sides to communicate.

Technology also allows us to construct portfolios, disclose information and send information to clients via email and on their mobile phones, allowing them to view their entire global asset allocation, all the information related to the market, as well as the changes in the products he buys, and any changes to the market or their asset prices. This on our mobile side has been fully realized and is in real time. This is an outstanding experience for the customer.

Euromoney: João said mass-affluents were more engaged in technology than HNWs or UHNWs – is that what you are finding?

WC, CMB There are two main changes taking place domestically. The first is the rapid uptake of high-speed mobile technology, with smartphones now fundamentally central to banking, which means mass-affluents and those on lower incomes find it easier to bank online. For HNW customers keen to ensure all their financial transactions are totally secure, they may not be as keen to bank online or via their cellphones. For them, in-person or phone banking may be more preferable.

AT, SPB The digital revolution has become a vital development for financial market players. Banks need to become more competitive in order to meet clients’ demands. Technology is key for financial players seeking to make operational processes more efficient while cutting processing time.

For me, it’s the younger generation that tends to be more comfortable using digital channels. And the way people process data and information using tech is changing; it has become even more important for banks to know their customers well, and to figure out the best way to use technology to meet the needs of different demographics.


Euromoney: Is it possible that, in private banking, even humans are overrated?

JW, BPB For families with a very clear idea of what they need, an algorithm based on artificial intelligence developed through machine learning could do the job of a relationship manager and portfolio builder, but we find very often that, when it comes to very sophisticated families, the process of how they make investment decisions, is a step-by-step process of constantly engaging, probing, listening and questioning the best professionals in the market.

Because their investment needs are so complex and are constantly changing, based on what is happening in the world, a computer, in my view, will never be the primary means through which investment decisions will be executed. Decisions will always be made through human interaction.

WC, CMB I have a different view. I’m concerned about the large US-based fund managers that have started to use intelligent investment, replacing relationship managers. Will the artificial brain in time beat the human brain? I think there is still much uncertainty about this.

We aren’t at that stage yet in China. To be sure, our asset-allocation models can be processed digitally, but imagining, creating and finessing each portfolio and model – that has to be done by the human hand, eye and mind. You cannot use only computers to make artificial adjustments to portfolios, especially when it comes to bets on the futures market.

So going forward the human brain will retain precedence over the computer brain.

Euromoney: One rarely sees successful examples of acquisitions of private banks or private banking assets. Is that a fair assessment? Are we likely to see more inorganic expansion in the industry going forward?

JW, BPB Private banking is a tough business in which to start from zero. It’s costly to set up. You need so much investment, a platform of products, great service and great relationship managers; and if you don’t have a huge retail bank behind you it’s even more difficult as, let’s be honest, private banking is not that profitable when compared to corporate or retail banking.

The flip side of that coin is that you are dealing with UHNWs and senior managers at major corporations, so private banking is great for connectivity and contacts.

I can’t tell you how many times a senior investment banker or corporate banker has come to me and asked if I know how to contact the CEO or chairman of a company as they only have access to the finance director.

Starting from scratch in Latin America without an established, local presence is a tough job. Many banks have tried it, but they never succeeded through organic growth. They had to buy in order to build market share. It might take five or seven years to make a private bank profitable; and I’ve seen banks try this, coming to Brazil, sticking at it for years, trying, failing and eventually shutting down the private bank. Acquisition is the name of the game here.

Organic growth will take forever and you end up being disappointed.

Euromoney: Is the acquisition approach something you’ve taken in new markets in the region?

JW, BPB At Bradesco, we tried it in two places where we had maybe 1% or 2% market share, and we eventually had to give up. Even if you are a huge global bank – and there are fewer of them now than before – it’s tough. If you’re in 60 or 70 markets, the burden of compliance is huge. If you are targeted and fined in any of those markets, it will hurt your stock globally, angering your investors. Any issue in a market, anywhere, can hurt your stock price and your global brand.

Citi is a good example of success, but there are fewer and fewer banks trying to be good at everything everywhere. Eventually, you miss something and there’s nothing worse than suffering a compliance issue in a single market that will affect your brand globally. No investor is happy with that.


LP, CPB It depends what kind of strategy you want to pursue: scale or niche. If you are going for scale, João’s comments are very valid: the acquisition approach is certainly a way to grow. If you’re going for niche, acquisitions are a very risky strategy that almost never pays off. Firstly, because you have a lot of risk tied up in buying a company whose key clients you aren’t allowed to perform in-depth due diligence on, until a deal is complete.

There are examples of companies that have bought other banks in Switzerland and a few years later the situation has degenerated because they didn’t really know what they’d bought, and they wound up with losses and huge compliance. From an anti-money laundering standpoint, you never really know if you are buying a clean book or not. And secondly, you are usually paying for the acquisition twice: first at the time you buy the bank and second when you are forced to pay to retain talent, as a bank is only as good as its talent.

We have seen three or four examples of disastrous situations in Europe where banks have bought portfolios from lenders leaving the region and invariably, over the next three or four years, their share price underperformed versus their peers on a relative basis and it’s due to the drag of a deal that hasn’t been carried out in the right way.

The final risk is culture. No two institutions are the same. You’re buying a bank with decades of culture that’s likely to be different from yours. Culture is incredibly important, and if the cultures of two banks, buyer and bought, are very different, the risk is enormous. One body will essentially reject the organ you are trying to implant into it. So for us it is all about organic growth.

WC, CMB During a merger, the most difficult thing to deal with is the cultural conflict. For a transaction to work, it requires a harmonious corporate culture to support it. If you don’t have this, it provides a headache for everyone, as the human factor is critical to good wealth management. M&A deals everywhere face this challenge, so it’s not just a problem prevalent in private banking. But it is an enormous challenge.

At China Merchants Bank, our strategy is clear. We are focusing on building up our presence around the world, in key cities, organically. We already have private banking centres in New York, Hong Kong and Singapore. Then the next possible places will be in Europe, maybe in Luxembourg and London, where we will set up a regional private banking centre, as well as Sydney later this year.

We are very different from other big international banks because we understand the innate culture of our customers and their differing needs. It’s possible that we may seek out a few M&A deals, but only in the kind of situation where we need a specific operating licence in the likes of Europe or North America. We may not be interested in a target or their team, but in their operating licence.

Euromoney: Where do you stand on organic versus inorganic growth Anton?

AT, SPB Sometimes acquisitions can bring you a greater market share. Although this doesn’t always mean more efficiency or higher profits.

In Russia, Sberbank is a dominant financial institution. Sberbank Private Banking has had many opportunities to secure more market share via acquisitions, but organic expansion, in my opinion, will continue to be the best way forward for us.


Euromoney: At a time when winning clients has never been more important, how do you determine what your clients want and how do they ask for it – be it getting their children a world-class education, or engaging with culture or philanthropy?

LP, CPB We carry out an annual ‘Voice of the Client’ survey, adopted from our corporate banking division. Each year we send out a wide variety of questions to clients, asking them to rate us. They include: ‘Are we their most important banking provider or just one of them?’; ‘Do we have room to grow?’; ‘What things could we be doing better?’; ‘What do they want from us?’; ‘What their interests are’; and ‘What they would like to hear more about from us?’

We study the answers that come back and we listen to them. Later, a senior relationship manager calls the client and engages with them on all of their responses and keeps the dialogue going.

We try to have a senior RM meet each of our clients every year, at least once. It’s important for them to know you care about them. In some cases we have 50 or 60 people in teams scattered across the world, serving a private banking client, who typically tends to be very sophisticated and very large, in multiple booking centres in Europe, the east and west US coasts, Hong Kong.

Do our clients follow us or do we follow our clients? It’s both. We constantly engage them in respect to their needs, and we follow them both in terms of where they are physically and what they are asking for.

Euromoney: What is the most important issue that emerges from your annual survey?

LP, CPB It’s never the same thing twice. The one question and the one response we pay most heed to is: ‘Are we one of the top two providers of their private banking needs?’ The number-one provider usually has a percentage share of the financial wallet of that client that is at least 1.5 times the second-ranked provider, and then the third- and fourth-ranked provider gets a smaller and smaller share of the wallet. If they don’t see us as number one or number two it usually means something isn’t quite working out.

Euromoney: At Bradesco, how do you remain preeminent? What are your customers looking for from you, in terms of so-called ‘soft’ issues, such as advice about education or philanthropy?

JW, BPB Philanthropy is something that clients have started talking about only over the last five to 10 years. The last three years in particular, we have been talking increasingly to clients about their philanthropic needs.

Many rich families have their own charities, but in Brazil there is still a general lack of choice, at least when compared to the likes of North America or Europe.

We care when we lose a client, so we work hard to ensure that we don’t. We also send out a survey each year, containing 12 questions that ask about that client’s relationship with their RM, about product service, whether we are their first choice and so on. The one thing that often surprises me is how long customers take to consider and provide their answers. And if they aren’t happy, it’s usually because of the performance of their investment portfolio, or that their relationship manager is not proactive or present enough.

LP, CPB A common lament would be: ‘I don’t hear enough from you’.

JW, BPB Exactly. One final thing we do, apart from evaluating ourselves of course and our performance, is to interview any customer who wants to close their account.

Every RM has to call a client and ask why they are closing their account and it’s amazing how many customers love being called, having their voice listened to.

Every time we have a relationship manager depart, the human resources team calls them within seven days, and asks why they were willing to leave us.

It’s important. We need to know what we are doing right – and where we might be going wrong, and the RM is the most direct point of connection to and communication with the client. If that link is broken it hurts us.

This approach can mean sometimes hearing things you might not like, but it’s better to hear that than to lose a client.


WC, CMB For a lot of our customers in China, their wealth is typically derived from their company and from the capital markets.

He may have listed his company on the Nasdaq, or in Singapore or London, but his main business and the core of his profits are typically generated within mainland China.

So when he and his assets head abroad, there is a huge step-change for him, as he needs to consider legal issues, regulatory issues, property issues, risk issues. He will want to mitigate risk, particularly when it comes to political risk and currency risk, as the market volatility of China’s currency, the renminbi, is considerable.

He has to learn how to hedge currency risk – this is probably the first question our high net-worth customers ask us.

The second question they typically ask involves their children’s education. Do they buy a house in a foreign market in which their kids can live while they go to college? That’s often the approach wealthy Chinese citizens prefer to take.

The client often feels he needs a stable residence to support his children’s education.

Already, he is starting to make global arrangements, putting assets to work to support the second and third generation of family members, taking into account legal structures in different countries. And he may have to take into account the question of whether his children will return to China.

If that is the case, he may set up a family trust that adheres to the laws and taxes of that and other countries.

China is somewhat different to other markets in this sense, because the market is growing so fast and changing even faster. New laws are coming in, new financial arrangements and instruments being rolled out and legislated for. A client may have to move and think quickly to adapt to these changes – as do we.

We have really pushed the family-trust side of our business over the past two years. This is a facet of private banking that is obviously well established elsewhere, but still in its nascent stages in China.

We are focused intently on helping customers solve their existing problems and anticipate and fix future ones. China’s private banking market is growing apace – and it is likely to turn out to be very different from other major markets.

Euromoney: Which service do your clients ask for more than any other one, Anton – whether it’s education or wealth preservation or philanthropy?

AT, SPB Our client base is wide in terms of demographics, education and professional experience. Demand depends on the client segment.

People who live only in Russia tend to value the security of the bank’s brand and higher deposit rates, while customers who have an international presence or who live in several countries, appreciate other services, including legal and tax advice, the ability to finance private projects and lifestyle management across multiple locations.

Of course, service is a highly personal issue for HNW and UHNW clients: therefore, Sberbank Private Banking has developed a wide range of its own products and services, as well as partnering with industry leaders, in order to serve our clients in the best and most professional way.

Global private banking debate participants

LP, CPB João Albino Winkelmann (JW) is head of Bradesco Private Bank and head of the Brazilian Financial and Capital Markets Association’s Private Banking Committee. He set up Bradesco’s Grand Cayman operations, became general manager of the bank’s New York branch and returned to São Paulo in 2002 to run its international business.
Wu-Chunjiang-CMB-160Wu Chunjiang (WC) is assistant general manager, private banking, at China Merchants Bank. The Shenzhen-based lender has 49 private banking centres across 30 cities, including Hong Kong and New York. It was the only lender to win two prizes in Asiamoney’s 2017 China Private Banking awards, for best client relationship and management servicing and best private bank for family offices.
luigi-pigorini-citi-160Luigi Pigorini (LP) is region head, Citi Private Bank, for Europe, the Middle East and Africa. He started as a relationship manager in the shipping finance department of Citi’s Global Relationship Bank. His 30-year career spans a variety of regional and global roles in fixed income, risk management and corporate and investment banking.
anton-tarasenko-sberbank-160Anton Tarasenko (AT) is head of sales at Sberbank Private Banking, providing financial and non-financial services to high net-worth clients from Moscow. Before joining Sberbank, he was head of sales for three years at B&N Exclusive, the premium banking division of Binbank.
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