As the ISO 20022 transformation gathers pace, this instalment in our series examines the vast technology investments and system upgrades banks have made to realise its full potential. We track the readiness journeys of JPMorgan Payments, Citi, BNY, Scotiabank, Lloyds and BNP Paribas.

Plans for higher defence spending and a more relaxed supervisory attitude to matters such as M&A are fuelling optimism in European banks’ ability to thrive, even with thinner interest margins. Successful growth strategies crossing the boundaries of banking, insurance and asset management, however, will rely more on industrial rationale than regulatory inducements such as the Danish Compromise.

One of the hallmarks of BNP Paribas Wealth Management’s strategy and success in wealth management is how it not only deploys strong capabilities specific to private banking, like discretionary portfolio management, but also the wider capabilities of the group. Corporate and institutional banking, markets, asset management, real estate, private equity: these are all group strengths at BNP Paribas, and highly relevant for its wealth management business.

BNP Paribas Wealth Management delivers a comprehensive and global range of financial solutions, serving as a one-stop-shop for all aspects of wealth management.

UBS delivered outstanding financial performance and client satisfaction over the review period, driven by successful integration efforts, distinctive ultra-high-net-worth (UHNW) offerings, and an ability to engage next-generation clients.

Quintet Private Bank delivered a strong financial performance in 2023, showing resilience amid market volatility and inflationary pressures, while strategically expanding its investment offerings and geographic presence.

BNP Paribas Banque Privée's strategic enhancements in digitalisation, client engagement and sustainability have not only increased its market share but also strengthened its leadership in the private banking sector.

KBC Private Bank has continued to achieve significant growth in its private banking network, strengthened its digital excellence through innovative solutions, and elevated client experiences with personalised, proactive technology integration.

BNP Paribas Wealth Management, Western Europe’s best for investment research, has numerous advantages in this field – ranging from a vast array of research documents and tailored investment solutions to a strong sustainability focus.

Deutsche Bank Private Bank’s strategic initiatives in Italy have not only enhanced its financial performance but also solidified its reputation as a leader in integrating sustainability and comprehensive wealth management solutions.

Healthy growth within the funds business at BNP Paribas Wealth Management, Western Europe’s best for fund selection, suggests a high level of client trust in an offering that aims at increasing quality but also growing innovation and flexibility.

DBS’s private banking business has achieved impressive growth, driven by a strategic focus on talent, client retention and a thriving family office segment.

CTBC Bank delivered strong financial performance across private banking during the awards period. Its Private Privilege service, targeting ultra-high net-worth clients, saw assets under management grow 22%, with revenues up 35%, while the Private Plus segment, targeting high net-worth clients, saw revenues rise 41%. Wealth management fees surged 49%, while fee-based assets under management in investment platform services increased by 26%.

HSBC is recognised as Hong Kong's best private bank due its commitment to tailored solutions that cater to the evolving needs of the market's private banking clients.

In Asia’s competitive private banking arena, BNP Paribas Wealth Management has distinguished itself as a stalwart for ultra-high-net-worth (UHNW) clients, blending global expertise with localised insights to address the intricate needs of wealthy families and entrepreneurs.

BNP Paribas Wealth Management demonstrated a steadfast commitment to innovation and client-centric digital transformation during the review period, as it continues to anticipate clients’ evolving needs. The bank embraced disruptive technologies and future-proofing solutions with the aim of providing personalised, high-tech and high-touch services that deliver exceptional value to private banking clients.

BNP Paribas Wealth Management is one of the giants of the industry, and a clear winner of this award.

BNP Paribas Wealth Management has long been a leader in investment research. Its success in landing this year’s global award is testament to its enduring ability to constantly assess, create and analyse wealth management portfolios on behalf of its clients. With a philosophy predicated on reliability and results, it aims to provide clients with the best investment opportunities, thanks to a unique and dedicated research ecosystem.

A strong focus on data quality – coupled with exhaustive system testing and adherence to regulatory standards and ethical guidelines – underpins the AI-driven fraud-prevention programmes of the world’s leading financial institutions.

BNP Paribas showcased meaningful growth in real estate, especially in its CEE operations.

The success of e-CNY, despite its retail characteristics, could be attributed to a strong government push, effective collaboration with banks and e-platforms, and, most importantly, a win-win mentality that inspired the two-tier channel design.

As HSBC retrenches from domestic business on the continent, BNP Paribas steps up its ambition in Europe’s biggest economy – focusing largely on the family-owned Mittelstand.

Buying Axa IM would be BNP Paribas chief executive Jean-Laurent Bonnafé’s biggest acquisition. It has been a long time in the making.

Political instability in France, coupled with better EU-UK relations, could threaten Paris’ ability to rival London as a financial centre. But a focus on institutional clients among French and other EU banks is already helping London’s resilience – a trend that shows little sign of abating.

French banks have not had the net interest margin bonanza that higher interest rates have offered many southern European banks recently. In fact, some French banks saw profit decreases in their domestic retail divisions last year, while areas like markets and vehicle leasing have been less of a support to group profit compared to the immediate post-pandemic period.

The French bank has made steady progress in this business over the last decade and last year was a strong period of new mandates and client expansion.

BNP Paribas has enviable sustainable finance credentials globally, but Latin America has become a particular area of strength for the French bank. In 2023, it led on some truly landmark transactions for clients throughout the region and can claim to be leading the evolution of sustainable finance in Latin America.

BNP Paribas Wealth Management operates across 17 countries, serving a client base of entrepreneurs, family offices and high net-worth individuals.

It is not normally thought of as one of the banks with a large stronghold on central and eastern Europe. Nevertheless, BNP Paribas still owns relatively large banks in what are, in effect after the 2022 invasion of Ukraine, the region’s two biggest markets in terms of banking: Poland and Turkey.

As the equity capital markets remained sluggish across Europe last year, financing activity was all about debt. So, it is perhaps no surprise that western Europe’s best bank for financing this year is the one that dominated the debt capital markets league tables working on 509 deals worth $128 billion equivalent for a 7% market share: BNP Paribas. Even in ECM, the French firm ranked number five behind sector leaders BofA Securities and Goldman Sachs.