2020 SPECIAL REPORT Meet the executives and institutions pioneering innovation in the sector.

www.pbigws.verdict.co.uk 1 Editor's Note

These awards never fail to surprise me and this year is no exception. The fact that there is an increasingly large amount of talent in this region is no surprise, but the level at which this accelerates is.

DBS took the coveted Outstanding Global – Global award, as well as being recognised for North Asia. This shows how the behemoth is not willing to rest on its laurels and continues to evolve and adapt.

Part of this is down to its tremendous investment in talent and people. The bank also won 20 awards for Outstanding Young Private Bankers and Rising Stars for Asia Pacific. An overwhelming achievement and with this level of personnel, it seems unlikely that DBS will be absent of more awards in the near future. Commendations to Hana Bank and Equirus Wealth Private Limited, both of whom were recognised for their rising stars.

DBS won a further award for Outstanding Private Banker – Regional Player. Ahli United Bank, Hana Bank, and were also commended in this category. Standard Bank received an award for Outstanding RM Training and Development Programme.

Talent pools are a huge area for discussion in private banking across the globe. As many seemingly glamourous sectors, such as tech, are very happy to poach employees with the promise of the future, how can banking compete? As shown by these awards, there is clearly a scheme in place to keep good people and this can only make the sector and the region stronger.

I look forward to coming back next year and seeing what this deep pool of talent has uncovered.

Patrick Brusnahan Editor, Private Banker International

2 2020 Special Report Contents

2020 Winners Announcements 4 Centrum – Centres its offering on HNW 30 families Standard Bank – Trains its RM staff well and 6 ergo gets Africa award BNP Paribas WM – European 31 leader offers front-end portal and Greg Barclay, Head of Standard Bank 7 philanthropic app Offshore Group - Building a platform for business Quintet – Invests in acquisitions, new 33 branding & people to grow in Europe Itaú PB – Listening to personalise CX, services 9 and products brings rewards Kasikornbank –Pivots towards social 34 media to update clients & allow PBs to Luiz Severiano Ribeiro, Global Head of Private 11 advise Banking, Itaú Unibanco - Stepping up during the Covid-19 pandemic Bank Julius Baer –Investment service 35 improved by JV, intermediary growth & DBS –Invests in people, process & tech to 14 tech become Best PB & score multiple wins Taurus – Ready for all investments come 37 UBS – Strengthens China and Japanese 16 bull or bear markets offering & multinational links Rajesh Saluja, CEO & MD, ASK Wealth 38 – Building with the 17 Advisors - Navigating tighter wealth country management & fee regulations, tech & Covid challenges Amy Lo and August Hatecke, Co-Heads of 18 APAC, UBS Global Equirus - Rising star in A-P sets up new 41 Wealth Management UBS grows despite WM firm Covid-19, but accelerates digital with a human touch Maybank Private - Steadily expanding 42 client coverage and business offerings Taishin – AI enhances back-office efficiency, 20 advisor productivity & service 44 A-Z covered on the ESG agenda Hana & Deutsche Bank – Outstanding 23 PB - Regional Players recognised

Ahli United Bank – Middle-eastern group 25 excels in islamic services & people

Ahli United Bank - Outstanding Private Banker 26 Award for Laila Ashour

Mizuho – Cooperation agreement drives 27 Singapore expansion

Emirates NBD – Serves the needs of non- 29 resident Indians around the world

www.pbigws.verdict.co.uk 3 Winners Accouncements

OUTSTANDING OUTSTANDING RISING STAR YOUNG PRIVATE PRIVATE BANKER - FOR ASIA-PACIFIC BANKERS REGIONAL PLAYER People Awards People Awards People Awards DBS Bank: DBS Bank: Ahli United Bank: Chee Loong Yong Amelia Atmaja Laila Ashour Gaurav Wahi Cherry Chung Jynn Ong Kenneth Leung Gurjeet Singh DBS: Jacqueline Liew Annis Chan Paul Taurignan Jean Koh Sulaiman Kabeelan Vijayan Wai Kin Chan Hana Bank: From Hana Bank: Kate Zhao Heajin Shim Hyunjun Kim Lin Jin Jaepil Ko Marcus Foo Hoonkyu Park Melvin Lee Equirus Wealth Mohit Bhatnagar Deutsche Bank: Private Limited: Steph Lee Patrick Crowley Ankur Maheshwari Tan Yi-Fang

4 2020 Special Report Winners Accouncements

Outstanding RM Training and Outstanding NRI/Global Outstanding Global Private Bank - Development Programme Indians Offering Middle East Strategy Awards Services Proposition Awards Institutional Awards W Standard Bank W Emirates NBD W Bank Nizwa HC BNP Paribas Wealth HC BNP Paribas Wealth Management HC Ahli United Bank Bahrain Management HC Outstanding Philanthropy Offering HC Standard Chartered Most Innovative Digital Services Proposition Awards Offering W BNP Paribas Wealth Management Outstanding Global Private Bank - Strategy Awards North Asia W Kasikornbank PCL Outstanding Private Bank for Institutional Awards HC RBC Wealth Management UHNW Clients W DBS Bank HC The Saudi Investment Bank Services Proposition Awards HC Taishin International Bank W ASK Wealth Advisors Outstanding Private Bank for HC IIFL Wealth Management Limited Outstanding Global Private Bank - Growth Strategy HC Waterfield Advisor Asia Pacific Strategy Awards Institutional Awards W RBC Wealth Management Outstanding Wealth Management W UBS AG HC Bank Julius Baer Services for the Affluent HC China Merchants Bank HC Mizuho Securities Singapore Pte Ltd Services Proposition Awards HC HSBC Private Banking W DBS Bank Outstanding Wealth Management HC Centrum Wealth Management Technology Initiative - Back Office HC RBC Wealth Management Outstanding Global Private Bank - Strategy Awards Southeast Asia W Taishin International Bank Outstanding Global Private Bank - Institutional Awards HC Standard Bank Europe W Maybank HC Taipei Fubon Bank Institutional Awards HC Siam W BNP Paribas Wealth Management HC BNP Paribas Wealth Management Outstanding Wealth Management HC ING Technology Initiative - Front End HC Quintet Private Bank Strategy Awards W BNP Paribas Wealth Management Outstanding Global Private Bank - HC DBS Bank Latin America HC Valuefy Solutions Private Limited Institutional Awards Best Family Office W Itau Private Bank Services Proposition Awards W Centrum Wealth Management Outstanding Global Private Bank - HC LCA Solution Limited North America Waterfield Advisors Institutional Awards W RBC Wealth Management Best Next Generation Offering HC BNP Paribas Wealth Management Services Proposition Awards W Union Bank of the Philippines Outstanding Global Private Bank - HC Crossinvest (Asia) PTE LTD Africa Taishin International Bank Institutional Awards W Standard Bank Best Private Bank for Islamic Services Services Proposition Awards Outstanding Global Private Bank - W Ahli United Bank Global HC Maybank Islamic Berhad Institutional Awards W DBS Bank Most Effective Investment Service HC RBC Wealth Management Offering Services Proposition Awards W Bank Julius Baer HC Kasikornbank PCL Taurus Wealth

www.pbigws.verdict.co.uk 5 Standard Bank WINNER Trains its RM staff well and ergo gets Africa award

tandard Bank Wealth and Investment is an integral or weekly bite size learning nuggets are distributed part of the Standard Bank Group, which has grown through digital ‘Training Bytes’. These can be saved in a Sout of South Africa to cover the contient. It uses this Knowledge Hub for future reference. 150 year history and network to provide advice to wealthy clients, many of them emanating from the bank, but it There are Challenger coaching skills sessions for also has a number of dgitial tools to attract newcomers. senior team leaders to ensure the philosophy is widely This combined approach has gained it the Outstanding disseminated. Learning drills and regular one-on-one Global Private Bank: Africa trophy at the 30th annual training and joint customer engagements are part of the Private Banker International (PBI): Global Wealth Summit & process. Staff can progress at their own pace, following the Awards, which was held virtually in 2020 due to Covid-19. ‘My Learning Journey’ pathway.

The Wealth and Investment arm achieved headline This is buttressed by a ‘NexGen programme’ that is earnings of R284 million (US$17.2m) in 2019, an exceptional focused on talent mapping and developing junior and 37% rise versus the previous year, and the four-year middle management into future leaders. Networking compound annual growth rate (CAGR) is very good at opportunities have been increased and 15 NextGen 27%. The unit has an earnings target of R438m by 2023. Manco members are identified each year for the bespoke leadership programme. There is also a mentorship There was a 9% growth in assets under management programme. (AUM) in 2019 to R104 billion (US$6.3bn), entrusted by 19,908 clients, a 4% increase from 2018, located in 19 A 'Journey to Greatness' element with access to Harvard countries across Africa and some in the UK. Online-Learning tools helps develop leadership and skills across the three key future requirements The combination of its: identifed by the bank as necessary to achieve long-term, • well trained relationship managers (RMs), sustained growth across the Group: • network coverage; • Client-centricity, • & digital tools is what has delivered success. • Digitisation, • & becoming a Universal Organisation. Digital tools have contributed to a cost-income-ratio at 85%. The My360 digital tool has been an examplar, Additionally, the bank has restructured its recruitment allowing individuals to assess their own financial status, process to ensure it attracts the best future talent, which while making it plain that wealth management is not just must necessarily combine digital and people skills in the for the wealthy but for all those interested in retirement coming years. planning, savings or just maximising investments. Its upped engagement and the initial rollout to affluent There are 331 employees in the team, comprising: customers, since extended to everyone, saw R91bn • 94 Relationship Managers, linked to the platform from all sorts of different • 46 transactional RMs, organisations, providing RMs with discussion openings • 75 advisors & 116 support staff. and selling opportunities. Staff turnover was around 2% in 2019 versus 7% in 2018, The Challenger model, focused on providing a data-rich proving that the engagement drive is working. This is against insight lead experience from RMs, has been deployed to a market average staff turnover rate of 15%, says the bank. ensure that people, process and technology is aligned well. It is one of the key frameworks that won the bank All of these efforts will ensure the Wealth and Investment an Outstanding RM Training and Development team is upskilled and equipped to get the most out of Programme trophy at the PBI Global Wealth Summit & Standard Bank’s investment in numerous data-led, internal Awards 2020. digital tools that are intended to provide clients with more information and choice than ever before. The bank is Recently implemented, the Challenger sales philosophy digitising its platform and working towards an integrated and associated toolkit is intended to prevent a mere approach that allows RMs to offer clients the best solutions demonstration of products in favour of encouraging and services, based on accurate, real-time data that is a more proactive data-led client engagement model. offered at the correct time. It is reliant on Challenger training for staff supported by a portal, which gives access to guides, insights, Standard Bank Wealth and Investment also achieved Highly messages and industry-related topics to ensure that Commended (HC) status in the • Outstanding WM RMs remain fully engaged and up-to-date. Peer-to-peer Technology Initiative – Back Office category at the 30th (P2P) learning capabilities mean employees can share annual Private Banker International (PBI): Global Wealth Summit & experiences of complex problems and solutions. Daily Awards 2020, which were held virtually this year due to Covid-19.

6 2020 Special Report BUILDING A PLATFORM FOR BUSINESS

n this Q&A interview with Greg Barclay, keen cyclist I came home in 2007 to Standard Bank, joining the and Head of International Wealth & Investment, Africa Regions team focused on lending solutions. IPersonal and Corporate Wealth, Standard Bank Three years later I relocated with my wife, Vicky and Offshore Group, the Channel Islands-based native South two children, on a secondment to Stanbic Uganda African talks about the Group’s collaboration plans with where I headed up the Business Banking Division. After Salesforce, in conjunction with Microsoft and AWS, to this I joined the Standard Bank Offshore Group taking move to being a cloud-based platform business that on responsibility for the international Personal Banking offers diverse services easily and quickly. business. I moved to Jersey in the Channel Islands in 2018 to take up a broader leadership role, covering all Please briefly describe your career trajectory business segments as Head of International Wealth & and interests? Investment, Personal and Corporate Wealth. I grew up in Durban on the East Coast of South Africa. In 1991 I completed my National Service in the South African To unwind and get away from the hustle and bustle Navy and soon after joined Standard Bank Group in of city centres and the corporate world, I like hiking. Durban on a training programme. My favourite places when I return home on visits is to be in one of South Africa’s game reserves, specifically I started out as waste clerk before moving on to the Madikwe Game Reserve and the Drakensburg Standard Bank’s branch networks across Kwa Zulu Natal mountain ranges. It allows me to relax and recharge. and Gauteng, undertaking vehicle & asset finance and structured finance duties. In 1999 I joined in Please tell me about your company and its Johannesburg, which started my appetite and exposure platformisation plans? to global banking. In 2003, I joined Africa working Standard Bank Group is the largest African bank by across Sub-Saharan Africa. I am a person who is motivated assets with a unique footprint across 20 African countries. by learning and have completed studies in business and Headquartered and listed in Johannesburg, it has a 158- financial management part-time. I also have a Postgraduate year history in South Africa and started building a franchise Diploma in Banking and have completed various outside southern Africa in the early 1990s. Our vision is to leadership programmes particularly to gain exposure to be the leading financial services (FS) organisation in, for and emerging markets. across Africa. The group has just over 50,000 employees and 1,000 branches, which enable it to deliver a complete range

www.pbigws.verdict.co.uk 7 of services across personal and business banking, corporate What challenges is your company & sector facing? and , and wealth management. I think there are many traditional challenges, such as regulatory changes, cost and infrastructure concerns, even The part of the organisation I represent, Standard Bank fintech-driven competition now, which all companies face. Offshore Group, provides FS to people and businesses. But the biggest challenge is simply the pace of change. It supports Africa’s growth by connecting the continent Successful firms will be the ones that can embrace fast with international markets. Our offices in the Isle of Man, change and harness the opportunities via the adoption of Jersey and Mauritius, with representative offices in agile methodologies and processes. and South Africa, offers solutions in banking, investing and fiduciary trusts and so on. Then, there is the unprecedented challenge of Covid-19 of course. Transiting staff to work from home in a very We have big plans. Not least a new Group collaboration short space of time this year was hard. We had to ensure with Salesforce towards becoming a platform business. In staff had the right equipment, connectivity, access to conjunction with the complementary cloud capabilities of systems, and what they needed to minimise the impact Microsoft and Amazon Web Services (AWS), they will power on our service to clients. various digital initiatives had the imminent new Standard Bank Group Digital Platform. to be fast tracked to maintain client expectations and service levels. A number of lessons have been learnt: As our Group Chief Executive, Sim Tshabalala, says: “The agreement is a major step towards transforming the Standard • A positive impact for staff was our flexible working Bank Group into a client-centered platform business that arrangements: they liked them. delivers a range of individualised, instantly available solutions, • The way we manage performance, moving away from services and opportunities, enabled by modern digital input measurement to a more balanced approach technologies, and delivered in whatever way a client prefers. including outputs is beneficial in the long-term. Our goal is to use our data capabilities to build deeper, better • We are now confident we can deliver change and more enduring relationships with our clients.” efficiently and effectively at pace, which as I mentioned previously is a challenge we all face in The capabilities of Salesforce will enable the bank to build today’s world. partnerships with vendors, fintechs and service providers to co-create customised solutions for its clients, and to access From a client perspective the biggest change we had other services brought to the group’s ecosystem. We want to make was to quickly adapt how we engaged. Since to provide both our own services and the services of our Covid-19 we’ve had to pivot away from hosting physical partners. Another way of saying it is that we don’t just events and face-to-face meetings towards engaging with want to be the shop, we want to be the mall. Technology clients virtually. Hosting webinars and interactive events, advancements have developed exponentially in the last such as cooking along with a two-star Michelin chef, have decade influenced by the neobanks and fintechs.There kept clients happy and engaged. is a new dawn in FS as organisations move away from traditional bank operating models towards that of digital Anything you’d like to add or stress? data-rich platforms. I think it will be the biggest, and most Only that I’d like to dispel the myth that international exciting, change I’ll experience in my career. banking is only for high net worth individuals (HNWIs), or exclusive in some way. At Standard Bank Offshore Group, What do you see as the key leadership skills we aim to offer an appropriate offshore proposition required in your job & what advice do you have that meets the goals and aspirations of our clients. for newcomers? Diversification of current and future wealth is available to For me, the measure of a true leader, is how they grow and all our clients. challenge the people around them – leading by example is what counts. Effective leaders encourage and help those Personally, I do hope that someday governments around them to reach their full potential. across the world can put personal agendas and egos aside for the good of developing a globally integrated Being proactive and staying ahead, rather than reacting, world that provides growth and development is also key, as is the ability to make informed decisions. opportunities for all countries. Having the humility and confidence to acknowledge where things could be done better or revisit a previous way of doing things is also vital to strong stewardship.

My tip to a newcomer in a senior role would be to have patience. It takes time to understand the dynamics within a new team, the operating model and environments that the business operates in, so wait before making any big changes. Bring your colleagues along with you, listen and learn from their insight and experience, rather than seeking to rule or dictate. Most importantly, enjoy what you do.

8 2020 Special Report Itaú Private Bank Listening to personalise CX, services and products WINNER brings rewards

taú Private Bank (IPB) secured the most net new assets in a single year in its history in 2019, R$41bn I(US$7.4bn), helping it burst through the R$500bn (US$90bn) assets under management (AUM) mark. It achieved this by listening to Brazilian customers and then using its findings to improve data usage, client experience (CX), analytical capabilities, communication and service, winning it the Outstanding Global Private Bank: Latin America trophy at the virtual PBI Global Wealth Summit & Awards 2020.

With 700 Itaú investment specialists spread over seven countries, serving 9,300 Latin American (LatAm) client families, the firm has an extensive client base. Last year it grew further, increasing its share of the Brazilian onshore market to 30.7%, a 1% increase, as it hit R$511bn AUM, making it double the size of its nearest competitor.

Revenue grew by 20% and net income by 36% last year, giving a five-year compound annual growth rate (CAGR) of 32%, with a 61.7% cost-income ratio showing expenses are under control.

Expanding the offshore operation is a future and present priority, so that it can strengthen its position as the bank for LatAm and Brazilian customers internationally. It’s targeting growth of 11% in three years to US$35bn in custody. A decline in interest rates (IR) and appreciating assets is motivating investors to seek new opportunities and explore new risks at home and abroad, which are customer loyalty and recommendation metric, and better understood and presented as the bank increases five pillars that it adheres to in its advisory model to its data analytical capabilities. achieve continued success:

The improvement in the results at Itaú PB is based on 1. Structured investment process: this means a series of initiatives guided by a well-defined strategy constantly reviewing and updating the Itaú investment created in cooperation with the Bain & Company strategy. More than 70 professionals across seven consultancy. Improving listening via a client interview countries contribute to the bank’s on-going analysis of process and then using the feedback to enhance CX the current economic scenario, helping to determine was a key step. It led to easier multichannel self-serve the optimal investment allocation. options, which later fed into enhanced communication and better frictionless services via improved digital 2. Platform offering: clients have access to a wide- capabilities. The three-pronged plan also proposed ranging offer containing the best products and new tactical and structural solutions (offshore, services available in the global market, on a convenient more digital & analysis-led comms), and continuous digital platform that is expertly curated in a one-stop- improvement processes. Two adjustments immediately shop format. resulted in more communication that was personalised. 3. Customisation: of portfolios means specific Accordingly, data analysis enabled by the bank’s evolving personalised books are created for each client, digital capabilities became a way to study customer after the overall investment strategy and product habits and consumption patterns. This allows services recommendations have been worked out. to be personalised so that investment advice is tailored to individuals, the tone and channel for communication 4. Long-term vision: delivers consistent results. and event invites is correct, while research reports and opportunities are properly targeted. 5. Wealth planning: via an exclusive team of estate- planning specialists, trust advice, and so on means the The bank now has a +75 net promoter score (NPS) bank is there at important moments in its clients’ lives.

www.pbigws.verdict.co.uk 9 YOUR KNOWLEDGE. OUR EXPERIENCE. THAT’S HOW YOU DO WEALTH.

Visit wealthandinvestment.standardbank.com and partner with Africa’s leading wealth manager.

Standard Bank is an authorised financial services and registered credit provider (NCRCP15). The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06).

10 2020 Special Report YOUR KNOWLEDGE. OUR EXPERIENCE. THAT’S HOW YOU DO WEALTH.

Visit wealthandinvestment.standardbank.com and partner with Africa’s leading wealth manager.

I started by career in brokerage at Itaú Unibanco in 2002. Since then, I’ve had several leadership roles in my STEPPING UP local and international wealth management business. I’m currently Global Head of the Private Bank at Itaú Unibanco, overseeing its operations in Brazil, the US, DURING Europe and Latin America.

THE COVID-19 What has been your biggest challenge this year? Covid-19 of course. The most critical role of any bank in such an emergency is to remain liquid and healthy, PANDEMIC to help our economies avoid systemic crises. Second to that, a bank needs to do its job well, which is to cultivate the economy in which it operates. In this Q&A interview with ardent football fan and father of three, Luiz Severiano Ribeiro, the Global Head of Today we feel a special responsibility to support our Private Banking at Brazil’s Itaú Unibanco, discusses the customers, whether they be individuals or companies, bank response to the Covid-19 pandemic. Its provided in their difficult journey through this pandemic crisis, so structural support to customers to weather the crisis and that they will soon be able to resume their normal lives support for emergency government initiatives. and business operations with the least possible impact. To this end, we are acting on two fronts: providing Please briefly describe your career trajectory and structural support to our customers and support for interests? emergency government initiatives. Family is my highest priority, as I’m married with three children. Born, raised and educated in Rio de Janeiro, Customers have been supported by our on-going Brazil, i am an ardent fan of the local team, Flamengo, Travessia programme, which has delivered: who’ve produced Zico and many other famous footballers. I graduated from Pontíficia Universidade • R$16.2 billion (US$2.91bn) in local real currency in Católica do Rio de Janeiro, PUC-RJ with a degree in debt extensions and R$7.4 bn in new with Business Administration and moved to São Paulo to terms of up to five years, plus grace periods of up to work in the financial markets. I’ve since completed an 180 days for more than 233,000 small and medium-

Standard Bank is an authorised financial services and registered credit provider (NCRCP15). academic extension at Harvard University and a US size enterprises (SMEs) with revenues of up to R$30 The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06). leadership programme at The Wharton School. million.

www.pbigws.verdict.co.uk 11 | 95 years of history | Largest bank in Latin America

3 3 3 4 4 3 Market Value Total Assets Credit Portfolio ROE Net Income Tier I Capital Brazil's most US$ 45.9 bn R$2,075.1 bn R$811.3 bn 13.5% R$4.2bn 12.1% valuable brand We are represent in 18 countires R$33.5 billion

Approximately 56 million Retail Clients

434 k Direct Shareholders

4.5 k Branches and PABs Rest of the World German 1 97 k Bahamas 1 3 Employees Cayman 1 2 3 1 46 k ATM United States 1 2 3 France 1 Portugal 1 1 2 3

Key

Multiple Bank

Other Operations 1 Corporate & Investment Banking 2 Assest Management 3 Private Banking

• R$37 billion in debt extensions and R$6 billion in Brazil’s public health system in mitigating the pandemic new loans have been made with terms of up to six by distributing supplies and personal protective years and grace periods of up to 120 days for more equipment (PPE) and funds to mitigate the worst effects than one million people. on the least fortunate in Brazilian society.

We’ve also been working in partnership with the Todos pela Saúde is still receiving donations from people government to disburse emergency aid, which has so and companies, which now total around R$250m extra, far distributed: so we intend to maintain the expert advisory team we created to assist the project and keep the team at the • Payroll financing: R$1.6bn disbursed to finance bank mobilised to help for as long as we can contribute. 660,000 salaries. The bank is also imminently due to open two new • Emergency aid: bringing benefits to 1.33 million Covid-19 testing centers, in partnership with Fiocruz, and people. is sponsoring the development of a vaccine. • Emergency benefits: 2.9m customers have received approximately R$2.4bn under the BEM (Emergency How has this fiancial support been possible: what is Benefit for the Preservation of Employment and the state of the bank’s finances? Income) programme. Itaú Unibanco has more than 95 years of history. We • Pronampe: 37,000 of the bank’s micro- and small have reached the position of Brazil’s largest bank, in business clients received a total of R$ 3.7bn to terms of assets based on data from the fortify their businesses. of Brazil, and according to Interbrand are the most valuable brand in Brazil worth R$33.5bn. You can see On the investment banking side, we have been focusing the graph above to gauge our scope and size. on the issue of credit to prevent a crunch. Since the beginning of the Covid-19 crisis, we’ve doubled the Our current CEO, Candido Bracher, has outlined six strategic granting of credit to companies in different sectors priorities for the coming years to ensure future growth: of the economy. The market is unlikely to end up completely frozen. Indeed, the expectation is that 40 • Customer-centricity, transactions will be priced in the market by October, • Digital transformation, moving R$60bn via IPOs and follow-ons. • People management, • Risk management, Itaú Unibanco has also donated R$1bn (US$200m) to • Sustainable development, the largest philanthropic initiative in Brazilian history, • & Internationalisation the Todos pela Saúde programme. This is supporting

12 2020 Special Report What about your Private Bank unit and its future plans? to keep up with. The presence of new fintech entrants is Itaú Private Bank has been for many years the leading growing, driven by the use of innovative technologies, player in its segment in Brazil. As of 2019, we had but it is enhancing competition in a healthy way in my R$511bn in assets under management (AUM) and a opinion, and it’s also something we can harness. We see 30.7% share of the local market, which is a 1% increase. this fintech and data movement as an opportunity to Last year we secured the most net new assets in a single improve our relationships with customers. year in our history, R$41bn, helping us burst through that R$500bn AUM mark. This makes us double the size We want to win and keep customers by offering them of the number two player in Brazil. quality products, a differentiated experience and time savings. As personalised service becomes more Our financial results have been positive: revenue grew important, data science and data itself plays an even by 20% and net income by 36% last year, even as we more critical role – it helps us map the preferences of maintained our commitment to efficient resource each client, anticipate their needs, and surprise them by management, which enabled us to achieve a 61.7% cost- adding unexpected value. income ratio. Accordingly, data analysis enabled by our digital capabilities, For Itaú Private Bank expanding our offshore operation has become a key means of studying our customers’ habits, is a future and present priority. Our goal is to be hobbies and consumption patterns. It allows us to identify the bank for Latin American and Brazilian customers client preferences with respect to our offer, events, reports investing internationally. We want to increase our and media. This information helps us tailor our investment international assets under custody from US$23.8bn up recommendations, select the most appropriate tone and to US$35bn – that is to say we want to grow by 11% in channels for communication, and develop unique events just over three years. and experiences. It optimises our services.

We operate in Miami, Zurich, Bahamas, Santiago de What is the most crucial leadership skill in your Chile and, as of February 2020, in Lisbon, Portugal, with opinion and your tip for newcomers in senior roles? the sole objective of helping our customers, especially I truly believe that if you want to become a successful Brazilians, to invest more internationally and more wisely. international business leader, transcending your own Clients are looking abroad for opportunities to allocate cultural perspective and learning how business is their resources, especially with the current low interest done in different contexts is essential. If you’ve teams rates in Brazil. Our future strategy has four key pillars: working abroad, as I do, then it’s important to be close to them, while allowing them a sense of ownership and • The centrality of the client empowerment to get the job done. • Sustainable partnerships • Continuous evolution, including keeping abreast of My tip is to cultivate a lifelong sense of curiosity. The technological changes world is constantly evolving. Without intense curiosity and • Relationships built on trust. a desire to learn, you will be left behind and increasingly unable even to converse with, much less keep up with Technology your peers. Staying abreast of new opportunities requires Technology has completely changed the business world, a humble awareness that what you know is never enough and private banking is no exception, but it’s part of the and that you always have more to learn. continuous evolution pillar and is just something we have

www.pbigws.verdict.co.uk 13 DBS Invests in people, process & tech to become Best WINNER PB & score multiple wins

BS rose to the unique challenges of this year and franchise recorded growth across all products and last, from trade wars to Brexit, climate change and services in its full accounts last year, contributing to 21% DCovid-19, helping its Private Banking (PB) clients of Group income with five markets seeing double-digit navigate these challenges and protect and enhance growth. Overall wealth management (WM) income rose wealth, while still seeking out new markets and services 16% to a new high of SGD3.08 billion (US$2.26bn), with via innovating products and digital tools. For all of these AUM rising 11% to SGD245bn (US$179.9bn). reasons it won the Outstanding Global Private Bank: Global category at the PBI Global Wealth Summit & A dedicated family office unit set up in 2019 to work Awards 2020 and its regional Outstanding PB: North closely with high net worth (HNW) families showed the Asia equivalent. firm’s commitment to serving the affluent. It offers clients’ strategies in the planning and execution of onshore In the Singapore and Hong Kong dual booking centres and offshore cross-generational legacy succession and that serve the Chinese and North Asia marketplace trades family governance via the appropriate use of instruments, and assets under management (AUM) have gone up, with holding structures, and so on. HK AUM alone increasing 9% year-on-year (YOY) in 2019. The North Asia business overall saw revenues go up 22% The wealth planning product suite has also been recently YOY with a compound annual growth rate (CAGR) of 18% overhauled and significantly enhanced by introducing: 2017-2019. The successful acquisition of SocGen PB and • Pre IPO/Founder Listco/Commercial Properties & ANZ Wealth Management helped, alongside technology, Private Trust Companies – so its Trusts are now able to private equity opportunities, and a strong Asia focus. hold a more comprehensive range of assets. • The joint DBS-EY ‘Asian Family Office’ publication, first DBS’ investment in technology and people also helped released in August 2019, focuses on intergenerational it win Outstanding Wealth Management Service for planning and key issues HNW families need to address. It the Affluent. Its Outstanding Young Private Bankers helps to guide entrants to the bank’s new service. are listed at the end. Taiwanese and Indonesian topline growth was particularly Despite the challenging environment, DBS’ wealth evident last year, jumping up by two and three-fold

14 2020 Special Report respectively and now accounting for a fifth of DBS’ client have access to numerous events such as the ‘Future Leaders base and relationship managers (RMs). Thailand’s wealth Programme’. This gives second generation PB clients a clients got access to a fully-integrated onshore and platform to network and deepen their wealth literacy. offshore wealth proposition through the DBS Vickers Securities (Thailand) subsidiary, and services were further The skills, knowledge and people training capabilities expanded Asia-wide with the DBS Portfolio Advisory of DBS were demonstrated in the Outstanding Young Enablement Tool. Private Bankers individual category at the PBI Global Wealth Summit & Awards 2020 where it dominated This tool allows private bankers to perform in-depth with 13 exclusive winners, as listed below with one assessments of client’s portfolio performance and risk examplar highlight: exposures, producing richer insights. Tight collaboration with the chief investment officer (CIO) and solutions team • Amelia Atmaja, RM, DBS Treasures Private Client means that tech and people are properly aligned to ensure timely, applicable investment recommendations. According to her senior and client citations the Outstanding Young PB: “Amelia Atmaja is an exemplary A single point of contact ‘one bank’ approach helps Private Banker with deep domain expertise in the clients experience a seamless service and access expert Indonesia market. She focuses in building long lasting advice, business connections and knowledge from client relationships and leverages technology to drive corporate and investment banking teams, and facilitates better engagement”. cross-function deals in an integrated manner. Atmaja has more than a decade of experience managing A focus on Environmental, Social & Governance (ESG) HNW and Ultra HNW clients, generating average AUM and Socially Responsible Investments (SRI) is delivering growth of 15% YOY. She started out in the DBS Treasures results in the green economy and serving many HNWs Offshore Indonesia Team in Singapore and had a couple social goals. DBS was one of the first Asian to of years at ANZ PB before rejoining the firm following integrate MSCI ESG Ratings into investment products. DBS’ acquisition of their operations across five Asian This provides greater transparency and allows clients markets. Atmaja retained all her past clients, proving the to assess the ESG characteristics of their investment quality and consistency of her advice and ability to build portfolios much more easily. deep relationships, while also adding more clients since.

Technology An active use of mobility devices and utilities to better DBS is reaping the benefits of its digital innovation efforts engage clients, especially those based in Offshore with lower costs of client acquisition, growing transaction locations, this skills been especially useful to Atmaja volumes, and deepening engagement. Some of it latest during Covid-19. But this digital native proactively technology advancements include: introduces new services and solutions to her clients anyway, leveraging the Bank’s technology platform to • Next-Gen DBS iWealth® app: launched with full effect in all circumstances. more intuitive design touches, easier navigation and simpler portfolio tracking, this app has been Numerous internal awards such as being a ‘brilliant star’ re-thought and redesigned from inside-out to make and certificates from happy wealth planning partners banking and WM easier than ever. Three months into (Manulife Singapore 2019 certificate for revenue of its recent Singaporean launch, usage of investment SGD1m+) have come to Atmaja in the past. She’s features was up 11% with higher completion rates for happy to be now be recognised externally by PBI as invest order submissions. an Outstanding Young Private Banker. The other Outstanding Young Private Bankers from DBS are: • DBS Wealth Chat: Rolled out in Southeast Asia so that clients can easily connect and exchange • Cherry Chung investment ideas with their RMs via their existing • Gurjeet Singh instant messaging platforms, such as WhatsApp and • Jacqueline Liew WeChat, in a secure manner. • Jean Koh • Kabeelan Vijayan • digiPortfolio: is a hybrid platform that brings • Kate Zhao together human expertise and roboadvisory, • Lin Jin providing access to globally-diversified portfolios in • Marcus Foo just five clicks. Developed in partnership with robo- • Melvin Lee advice start-up Quantifeed, the DBS digiPortfolio • Mohit Bhatnagar rebalances automatically, so clients do not need to • Steph Lee do anything, anymore after they have invested. • Tan Yi-Fang.

Prioritising the customer experience (CX) whether via DBS also gained a Highly Commended (HC) accolade in the technology or a deeper multiasset service provision that HC: Outstanding WM Technology Initiative - Back Office is aligned with well trained staff and easier to navigate category won by Taishin at the 30th annual Private Banker procedures is what has allowed DBS to succeeed. The people International (PBI): Global Wealth Summit & Awards 2020, element is important, and this goes for clients too, who which were held virtually this year due to Covid-19.

www.pbigws.verdict.co.uk 15 UBS WINNER Strengthens China and Japanese offering & multinational links

BS has long been one of the largest incumbent global players in private banking and wealth Umanagement. It has successfully parlayed its strength into on-going growth in Asia via new schemes in China, Japan and Singapore, hitting a record operating income of US$795 million in Q1 this year. This gives UBS as strong a foothold in the region as anywhere else in the world, winning it the Outstanding Global Private Bank: Asia-Pacific category at the online Private Banker of services, equal to what UBS already offers clients International (PBI): Global Wealth Summit & Awards 2020. in Switzerland, can now be offered locally.

Transactional revenues increased by 93% year-on-year • Singapore: Opening the philanthropic UBS Optimus (YoY) last year, reaching another record high of US$374m, Foundation in Singapore in December 2019 means no doubt helped by volatility in the market. UBS is the banks’ Asian clients have greater access to in-situ today double the size of its nearest competitor in Asia- philanthropic services. Pacific (APAC), says the bank, judged by assets under management (AUM), which reached US$411 billion last The bank’s drive to deepen its Asian presence has been summer, the first time the US$400bn milestone has been supported by various initiatives, such as the first 100% surpassed in APAC. sustainable cross-asset portfolio. By February 2020, this had an AUM in APAC of US$1bn+, which is YOY growth The global wealth management (GWM) unit in APAC also of over 140%. It recorded an 18% return in 2019 and now saw a record high of US$31bn in Net New Money (NNM), has close to 20% of all such mandates in APAC. UBS’ plans making APAC the region with the highest NNM growth are helped by various digital initiatives as well, such as the globally in UBS at 8.8%. The first quarter of this year saw UBS Advisor Messaging service on WeChat and WhatsApp a high three-month NNM record with US$16.3bn posted, unveiled last year. Its future APAC plans include: a 160% YoY jump and highest ever quarterly rise. 1. Further expansion of the Global Family Group UBS’ success has been helped by increasing its staff to (GFO): This delivers cross-division coverage and access 2,500 employees including 1,130 advisors, who almost for clients into Investment Bank and Wealth Management half (43%) have five years’ worth of experience with the offerings, such as trade execution services, via a single bank. A fifth (20%) have been there for 10-20 years. It is contact point. GFO has been in APAC for two years, increasing its regional fooptprint and services in: posting 33% yearly growth since launch, and the bank belives there is further room for expansion. • China: In 2019 UBS’ wholly owned bank, UBS (China) Limited (UBSCL), received its Renminbi (RMB) license. 2. Greater focus on Ultra HNW (UHNW): UBS GWM This enabled the Shanghai branch to launch RMB in APAC is a huge contributor to UBS’ Global AUM businesses including signing up onshore high net of US$2.6 trillion as the region has a much higher worth (HNW) clients and sell RMB denominated concentration of UHNW clients than any other – 3 out of products. Investing early in this market, means 5 billionaires in APAC have a relationship with UBS. The UBS is now one of the few foreign banks with both UHNW platform supports clients’ investment, business onshore banking and securities wealth management and legacy needs and is buttressed by online and offline platforms. It received its license to sell insurance and communities around topics such as art, philanthropy and funds distrubution in 2018. entrepreneurship via the evolving Tech Connect platform o For the future it’s committed to developing its and events. digital wealth management business in Qianhai, popularly known as China's 'silicon valley'. 3. Enhance HNW: this core business will be better o Headcount in China is due to double in 2020 to served by moving decision-making and responsibility for 1200 employees. resource allocation closer to the market teams. The move will give advisors more autonomy to increase speed and • Japan: UBS GWM announced a joint venutre (JV) in proximity to clients. Q2 2019 with Sumitomo Mitsui Trust Bank (SMTB), the nation's top trust bank. Owned 51% by UBS, this 4. Regionally-tailored solutions: for clients with less JV will combine the global reach and talents of UBS complex day-to-day needs is a priority. A new Private with SMTB's capabilities. It’s the first such partnership Client segment for those with US$ 1 to 5 million in AUM between an international financial group and has been created with omnichannel capabilities giving domestic trust bank. The deal means a wide breadth greater convenience and speed.

16 2020 Special Report China Merchants Bank Highly Commended Building a Country

s China has advanced over the last decade so has China offering professional Ainvestment services to multiplying high net worth "It has more than 1,000 service (HNW) clients with assets of over RMB10 million (US$ 1.49m). A successful acquisition programme, expansion, providers, serving 82,000 thousand upgraded family office and other measures mean it has been selected as a Highly Commended (HC) noteworthy clients with total assets under entrant in the Outstanding Global Private Bank: Asia- management (AUM) of around RMB Pacificcategory at the online Private Banker International (PBI): Global Wealth Summit & Awards 2020. 2231 billion (US$333bn)."

Starting as a private bank (PB) in August 2007, by last year it had expanded to offer 61 wealth management (WM) centres across China and 79 PB centres. It has more than 1,000 service providers, serving 82,000 thousand the AUM of the family office increased by 25% in 2019. clients with total assets under management (AUM) of International provision is progressing. around RMB 2231 billion (US$333bn). However, growth continues with education events, marketing, philanthropy, A 24x7 service provision is available but digitalisation is succession planning salons, and other such measures all increasingly being rolled out as well across the business helping attract 11,000 new HNW clients, swelling its total to increase the granularity of data and easy access to it. client base. A campaign entitled ‘exclusive upgraded’ has also added to the number of super premium customers The Outstanding Global Private Bank: Asia-Pacific and swelled AUM. category at the PBI Global Wealth Summit & Awards 2020 was very popular attracting a lot of entries and An upgraded family office following a new ‘three-circle consequently another Highly Commended recognition model’ has seen it move from a passive to an active for HSBC Private Banking was given. The winner was service for those with RMB3bn+ in assets. This has meant UBS (see separate write-up).

www.pbigws.verdict.co.uk 17 UBS GROWS DESPITE COVID-19, BUT ACCELERATES DIGITAL WITH A HUMAN TOUCH In this Q&A interview with Amy Lo, Co-Head of Wealth Covid-19, we have coped well thanks to our accelerated Management APAC and August Hatecke, Co-Head digital plans and our client-facing human skills, which are of Wealth Management APAC, UBS Global Wealth as important. UBS’ profit before tax in Q2 2020 increased Management as they reflect on UBS’ growing wealth 71% by US$97 million to US$233m, setting a new management business in Asia, Covid-19 impacts, and quarterly record for GWM APAC. As ever, volatility isn’t how increasing digitalisation must be balanced by the always a bad thing. But there are undoubtedly challenges on-going need for the human touch. Humanitarian ahead professionally and personally for everyone. We’ve and market principles are also to the fore in the surmounted the challenges so far and will continue to environmental, social and governance (ESG) agenda work hard to support our clients and colleagues. discussed at the end. Operating income increased by US$104m to a second What is your company’s market position: What is it quarter record of US$658m, a 19% rise, mainly driven by doing well & challenges have been surmounted? strong transaction-based income (up 32% year-on-year) UBS’ Global Wealth Management unit is Asia Pacific's and net interest income, reflecting higher deposit revenues (GWM APAC’s) leading wealth manager with US$449 and growth. In the first half of the year, profits before billion in invested assets and about 1,000 client advisors tax in APAC represented 30% of the whole for GWM, a big in the region, as of Q2 2020 (figures updated since rise versus last year. APAC is a growth spot and we are fully standalone UBS winning entry in Global Private Bank: committed to the region for future growth. A-P category). Our footprint spans across 12 wealth management offices in 10 locations and three trading The Renminbi (RMB) license for UBS China Ltd, extra staff, outlets in China belonging to UBS Securities and serving focus on China’s ‘silicon valley’ aka Qianhai, and the joint wealth management clients. venture (JV) in Japan with Sumitomo Mitsui Trust Bank prove it (see details in UBS’ winning entry in the Global Despite the challenging global conditions induced by Private Bank: A-P category). With our strong onshore

18 2020 Special Report presence, sharpened focus in key markets, and global to our comprehensive catalogue of products and services. connectivity, we are well-positioned to serve international and domestic clients. Innovation and digitalisation are the key strategic priorities and we invest heavily in those areas. We Covid-19 has hit economies & workers around the want to innovate both inside the firm and with external world: How has it impacted your company, business partners to find and integrate the best new technologies. & prospects? What excites us is that for a number of years we have The Covid-19 outbreak did not make our business been collaborating with fintech start-ups to tap their ‘become digital’, it simply accelerated our plans and innovative zeal, and interacting with the whole ecosystem helped us to take some decisions faster. For instance, of incubators, accelerator projects, and so on. Such we accelerated the launch of UBS Workspace, a new partnerships are a win-win as they get investment and platform that enhances our productivity and mobility, scale, while we get to experiment with smart innovations months before its original planned unveiling. So far, that can help wealth managers offer better CX, if in just a few weeks this year, we have migrated almost implemented in a sustainable manner. 4,000 APAC employees onto UBS Workspace. The digital work platform enhances both employee and client UBS looks to partner with fintechs that share the experiences, while meeting all regulatory needs. same goals as us, have enough scale to support us in enhancing CX, and aid our goal to reduce costs and be The increasing adoption of digital usage is evident in environmentally-friendly. the steep climbs in the client engagement rates we have seen over the last eight months in several of our digital Talking of the environment, how do you view the offerings. For example: environmental, social and governance (ESG) agenda in the industry? • Over 50% of UBS equity trades are now executed via We see it as a real game changer. UBS has always been our electronic e-banking platform this year (versus interested in this area, however, with a 25-year track- single digit usage a few years ago). record in sustainable investing (SI) evident across all our • Online trading rose by 4x in the number of business divisions. We have built quite a business. transactions over the last eight months. For instance: • Our e-banking client log-in rates per month have almost doubled. • UBS manage almost half a trillion dollars (US$488bn) • There has also been an increase in usage for UBS’ in core sustainable assets across the Group. Messaging service, especially WhatsApp. The social • We were the first wealth manager (WM) in the world media client base has grown by almost 70% and the to offer a 100% sustainable investing discretionary number of messages more than doubled. portfolio to private clients. • Chief investment Officer (CIO) views are disseminated everyday through our digital channels, Earlier this month, UBS announced that we have made with additional CIO live webinars every week. We sustainable investments the preferred solution for our get thousands of viewers. WM clients globally. Wealthy families are very keen to • Over 100 virtual client events have been hosted by make a positive social and environmental impact in UBS so far this year. the world with their investments. A recent survey of ours showed that 40% of clients plan to increase their Our business model remains advisor-centric, but investments in SI. Our discussions with them have shifted digital will become an increasingly important channel from why, to how they can achieve that. to complement and support our advisors and deliver strong client experiences (CX), However, technology is During Covid-19, we saw strong continuous inflows in SI an enabler helping advisors respond to client needs in strategies globally and believe the trend will continue, as an efficient and timely manner. Software cannot replace investors think about how to position their portfolios after the human touch. Wealth management (WM) is after all, the pandemic in anticipation of green-focused recovery a people business, and this must never be forgotten. spending and regulatory initiatives. In WM APAC, for Digital with a human touch is what we want. instance, the number of clients investing in our 100% diversified sustainable portfolio and fund increased by How do you view technology: as a threat or 50% over the first seven months in 2020. opportunity? What trends excite you & how do you align and integrate tech into your business? It is not just a green issue, the ESG agenda is much wider. We see opportunities, but as mentioned earlier, we In 2016, for instance, we raised US$471m for the UBS believe the human touch retains essential. Technology Oncology Impact Fund, an early stage private equity is an enabler. Asia is the region where economic growth (PE) fund focusing on investments in the development of partners well with high digital affinity and agility. UBS cancer therapeutics in order to achieve attractive financial engage our clients to co-create solutions with their returns and support the initiative. US$275m (+50%) of feedback and experiences. the funds raised were committed by investors in APAC. The UBS Oncology Impact Fund was the largest ever We view digitalisation as an integral part of our overall healthcare impact investment at its launch. It is example offering. It further deepens our relationship with our of how finance can be mobilized for the greater good and clients. It broadens the scope, increases speed, and adds of good business.

www.pbigws.verdict.co.uk 19 Taishin WINNER AI enhances back-office efficiency, advisor productivity & service

aishin Bank International uses artifical intelligence spending large amounts of time searching for information (AI) to power its new 'Personalized Wealth has been drastically reduced. TManagement Recommendation System' (PWMRS), which can rapidly calculate suggestions of optimal asset The PWMRS AI engine also generates a better list of potential allocation to individual Taiwanese customers. It uses customers, which aren’t on the portal, for the sales team to factors such as past habits, risk preferences – which approach, at the most appropriate time in order to grow it can further enhance – and so on to improve back the business. Equally, precision targeting can eliminate the office efficiency and automated delivery of data to annoyance of receiving large amounts of unsolicted marketing. drive recommendations. It won Outstanding Wealth When a customer, using Taishin’s portal, makes a financial Management Technology Initiative – Back Office at planning request the system immediately analyses the the virtual PBI Global Wealth Summit & Awards 2020. customer's data history, examining the monthly asset allocation situation; payment behaviours; occupation; The improvement in back office data mastery means the and so on. PWMRS then calculates the client's risk granularity of data has advanced, positively impacting preference and provides the optimal asset allocation services on the Taiwanese customer portal. The front recommendations to the advisor, who doesn’t have to office productivity of advisors has also improved, as they question the client so deeply, to pass on and initiate now have more time to knowledgably talk to customers whatever action is required. and advise them expertly. The implicit cost of advisors

20 2020 Special Report It uses an Artifical Neural Network (ANN) algorithm to Future plans handle cross-sectional and time-series data. Aligned with a Future plans include enhancing the predictability of the Long Short Term Memory (LSTM) approach, the system can AI-driven system as more data and variables are fed in. cope with different dimensional data, and optmise services. Specific examples in the pipeline include:

Traditionally, LSTM cannot accurately reflect the • Using customer feedback for future voice characteristics of the future state of a customer's recognition services. decision at a given moment. That is to say, a customer's • Using emotional indicators to improve analysis. securities asset balance in September may be affected • Text exploration technology will be deployed to by the estimated amount of investment in October. process a large number of corporate announcement Predictability is enhanced by combining it with the ANN. documents, financial reports, news, community Indeed, Taishin introduced bi-directional LSTM, so that articles, and stock data. AI will mine this to optimise the characteristics of all data can be better reflected, and the risk profiles of investment portfolios. the accuracy of the overall financial model improved. AI can automate financial theories and compute Taishin continues to try to strengthen the model's traditional asset and portfolio risk allocation mechanisms, predictive ability to improve its recommendations. For such as Markowitz Theory. But the usefulness of this instance, after comparing a large number of models, it dissipates in the ‘noisier’ financial markets of today where found the predictive ability (AUC) after the simultaneous it’s often harder to take just one, two, or three factors into calculation of the extreme gradient boost (XGBoost) account to drive a predictive model. is higher than 0.9. This indicates that this model has an outstanding ability of discrimination, says the bank. Multiple factors can move volatile markets these days, so accurately predicting expected returns and advising The AI-powered PWMRS was officially launched in Q3 customers about optimal capital allocation, needs 2019, after continuous testing and enhancements such as traditional theories to be refined and new algorithms to that described above. It offers the following key benefits: be devised. Taishin has the human and technological capabilities to do this. Its activities in this area will be • Advisor productivity rises as the ease and efficiency supported by using more AI models in the future, such of data retrieval is improved. as the Multi-armed Bandit algorithm. It will also use AI to • Less time collecting data = more time communicating further enhance customer experience (CX) at the bank. = more sales. • By using ANN, the bank only needs one model Taishin Bank International also won in the • Outstanding to integrate data. This negates the need for Private Bank: North Asia category at the 30th annual amalgamating multiple scenarios into one coherent Private Banker International (PBI): Global Wealth Summit & picture, saving cost and maintenance activities. Awards 2020 and achieved Highly Commended (HC) status • Since its Q3 2019 introduction, the transaction rate in the Outstanding Global Private Bank: Global category. of each product has increased. For example, the transaction rate of funds has increased 2.5 times, and traditional insurance has risen 3 times. • Better risk identification and classification for clients has ultimately been possible, especially for the majority digital customer base at Taishin, who already have rich customer profiles with the bank. These can now more easily be ‘mined’ for useful, actionable data.

www.pbigws.verdict.co.uk 21 Itaú Private Bank. Outstanding Global Private Bank | Latin America 2020 • 2019 • 2018 • 2017 • 2016 • 2015 • 2014 • 2012 • 2011 • 2010 • 2009

We believe that the strength of our business is based on deep relationships of trust between us and each client. That’s how we’ve been achieving our best results over the years. We’re continually rethinking our process, products, and services to provide an increasingly more valuable experience to our customers. Therefore, as they are the reason for everything we do, we would also like to share this recognition and thank each one of them.

22 2020 Special Report Hana & Deutsche Bank WINNER Outstanding PB - Regional Players recognised

ome of the many outstanding individuals recognised at the PBI Global Wealth Summit & Awards 2020 were "I’ve been fortunate in Private SDeutsche Bank’s Patrick Crowley and three from Hana Bank – Hoon-kyu Park; Jaepil Ko; and Heajin Shim – who Banking to have access to many of all received an Outstanding Private Banker: Regional Player accolade at the virtual event held on 9 October. the leading NRI families, based in the UAE and Africa, and have become Patrick Crowley has been over 25 years in Private Banking (PB), working in Jersey, UK, for 17 years and very well known as a trusted adviser Dubai, UAE, now for 8 years, latterly with Deutsche Bank. He moved to Dubai in November 2012 spending almost to many of them." says four years with Banque Lombard Odier & Cie SA focusing on developing Non Resident Indian (NRI) clients, based Patrick Crowley, Deutsche Bank. primarily in the Gulf region, Africa, UK and India, and servicing these ultra high net worth (HNW) individuals. He worked in the same field for SC and DBS, before joining Deutsche Bank in June 2019 to manage HNW personal Bank / KEB Hana in Indonesia. Park has contributed to and family relationships, principally in Africa and the the growth of the bank in Indonesia using his HNW skills Middle East. over the last three years by successfully managing the assets for 700 Korean core customers using his language As Crowley says: “I’ve been fortunate in Private Banking to skills and native knowledge (US$300,000 per person) and have access to many of the leading NRI families, based in by serving 2,000 local Indonesian clients (US$50,000 per the UAE and Africa, and have become very well known as person). In regard to service development he has: a trusted adviser to many of them. I’ve developed a strong network in the wealthy expatriate population in UAE, • Expanded the product line to bancassurance, mutual mainly by simply puting the client’s needs first at all times – fund & Indonesian treasury bonds (IDR, USD). and ensuring that I’m solution, not product driven.” • Helped in the development of an AI-based system that recommends products and can flex to WM Prior to moving to the UAE, Crowley worked for 17 years in service via the local Line social messaging app. Jersey, almost 11 of them at ABN Amro where he headed • Ensured all investment instruments adhere to global up the Jersey Branch after being Head of Private Banking. standards and established a system for evaluating The Irish native, from County Limerick, started his career counterparties like asset managers and insurers. in 1980 at (AIB) in Dublin in various • In 2020 a new escrow account is planned via a positions in the international banking division, principally partnership with local securities firms. in foreign currency accounts and trade finance, before transferring to London to join the treasury unit as a Foreign Park has also been active in Corporate Funding, Exchange (FX) trader, before returning to Dublin after 3 managing corporate assets worth KRW1.2 trillion (US$100 years to help set up the newly formed Treasury Audit Unit. million), of which 30% was attracted from new customers He worked in Jersey for AIB Channel Islands (CI) Ltd in like Hyundai Motors and POSCO over the past year, 1989-1993 before joining BNP Paribas Jersey and Bank of joining incumbents like LG, SK and so on. His expertise Nova Scotia (CI), ahead of his move to ABN Amro. in setting up risk management systems for WM products via regular evaluations, a product committee and so on Crowley brought all of this experience, serving HNW is weclome, alongside his skills in commercializing money clients’ private banking and wealth management market funds (MMF), real estate funds, USD time deposits (WM) needs, out to Dubai and Deutsche Bank is now and so on. benefitting from his vast knowledge of the sector. The family relationships he has developed and HNW skills 2. Jaepil Ko: PB Centre of Hana Bank in South Korea he possess are helping the bank advance in the growing Ko has coped with increased volatility by developing Africa and Middle-East region. interest-rate spread products in anticipation of a US Fed rate cut, attracting US$20m, and provided a new foreign Hana Bank direct investment (FDI) service. This helps start-ups Hana Bank’s three Outstanding PB: Regional Players attract overseas funds. Venture capital (VC) monies worth are Hoon-kyu Park; Jaepil Ko; and Heajin Shim, whose US$50m have flowed into South Korea via the bank. considerable respective achievements are detailed below. The platform business has been enhanced by his efforts to establish a standard marketing method that targets 1. Hoon-kyu Park: Head of Private Banking Division, PT IT-related HNW clients, and organising events for this

www.pbigws.verdict.co.uk 23 community, to get new money in. This has been achieved an LLC. Merger and acquisiton (M&A) advice and volume by segmenting for: has also recently picked up.

• 1st generation: Start-ups from the dot-com bubble. In the field of currencies, stocks and so on, a recent • 2nd generation: Start-ups that begun after 2010 innovation was providing diverse investment and then sold off shares. opportunities to clients holding USD funds by opening • 3rd generation: Start-ups proven via VC investment an overseas securities account with Hana Financial and with high growth potential. Investment, a subsidiary of Hana Financial Group. This came into its own during the recent Covid-19 pandemic In order to provide opportunities to his younger when those seeking returns could get them through a colleagues who wish to become Private Bankers, and split sale when the market fell due to the coronavirus. foster the next generation, Ko delivered a lecture at a junior PB training event and shared his knowledge in Shim sees one of her strengths as “being a conductor collaboration with the Korea Banking Institute. He wants that manages the entire process for Hana clients (law, tax, to succeed, alongside his colleagues and the bank itself finance) for transactions, such as M&A, private finance, or a so is happy to share his knolwedge. listing on the Korea Composite Stock Price Index (KOSPI)” and stresses she always seeks to “provide customised 3.Heajin Shim: Bob-jo Goldclub of Hana Bank solutions to each client” appropriate to their needs. Shim specialsies in comprehensive asset management including tax, real estate and other advice, alongside The PBI Global Wealth Summit & Awards 2020 would business and portfolio-based risk management activities. like to thank all the individual entrants and winners of the She joined the bank in 1997 working at Seonreung Outstanding Private Banker: Regional Player category. Station Gold Club and the Asia Olympic Village PB We look forward to seeing the valuable contributions they Centre in charge of VIP customers. She began her career will all make to the industry in future years, inlcuding the as a Private Banker in 2011. Recent successes include above mentioned: • Deutsche Bank’s Patrick Cowley; • attracting US$80m in FDI from 40 companies since 2018 Hana Bank’s Heajin Shim; Jaepil Ko; & Hoon-kyu Park; • for various South Korean firms in cosmetics, real estate DBS Bank’s Annis Chan; and from • Ahli United Bank - Laila and so on. An office purchase was tax optimised through Ashour (see separate Ahli write-up). Hana Bank’s pioneering real estate advisory centre, so that a personal investment was ditched in favour of using

24 2020 Special Report Ahli United Bank WINNER Middle-eastern group excels in islamic services & people

hli United Bank (AUB) is a regional Middle-east bank with net profits of US$730 million last year Athat saw its assets rise by 13.4% to US$40,280m "AUB Group has more than and deposits by 7.8% to US$25,518m. The Private Bank targets those with US$1m+ and has onshore units in the 4,000 employees UAE, Baharain and UK, and a Trust Company in Guernsey. It offers Sharia compliant investment and insurance from 39 nationalities, of which options, garnering it the Best Private Bank for Islamic 35% are women." Services trophy at the PBI Global Wealth Summit & Awards 2020.

Access to a strong regional base with its 151 branches • Advanced threat hunting techniques also present in Kuwait, Egypt, Oman, Iraq and Libya, • Implementation of a cyber-incident response via its commercial and retail banks, and life insurance programme in case of breaches available via its insurance firm in Bahrain, plus more • & extensive data protection and privacy protocols, options via its indirect ownership into Saudi Investment including data leakage monitoring. Company, MEFIC, mean it has a diverse footprint and offering. AUB Group has more than 4,000 employees Its innovation drive is evidenced by it now offering cross- from 39 nationalities, of which 35% are women. border SWIFT GPI payments and tracking, a corporate Conventional and separate sharia compliant investments deposit card for business clients, plus other servcies, such as: can be accessed via the Private Bank in: • A social media banking service using WhatsApp for Business supported by artificial intelligence (AI) • real estate (sharia mortgages); dissemination. • mutual funds; • Ameen™ virtual chatbot powered by AI enables • fixed income; customers to communicate with the bank on WhatsApp • structured products and so on. and receive assistance using conversational English or Arabic. All are backed by brokerage services and dual currency • Video banking was launched to allow eligible deposits. Its wide range of sharia products come with customers to speak with an advisor 24x7. strong governance, certification and monitoring, as do its life insurance options backed by business and Its digital efforts have been rewarded with close to 95% philanthropic societal contributions. of AUB Group transactions done in 2019 outside the branch, although extensive Covid-19 business continuity Its growth strategy is based on these products; cross- planning (BCP) measures did contribute to this. selling; a segmentation focus on entrepreneurs; and good The bank’s support for training via its aforementioned training for its relationship managers (RMs), leaders and new e-learning portal was further backed up by the staff via a new e-learning academy that has three levels unveiling of a Digital Transformation Management of mandatory courses. Steady organic growth via RMs of Training programme that involves 14 fresh graduates p.a. 10% per annum using the standard three-year compound going through a six-month extensive course. Retention annual growth rate (CAGR) metric is evident for high net is also a priority, with a 10 year service span among AUB worth (HNW) and ultra HNW individuals. Assets under proving it’s a good place to work. management (AUM) rose by 27% in 2019. Ahli United Bank (AUB) also achieved Highly Commended Succession planning services for tax, asset protection, (HC) status in the Outstanding Private Bank: Middle East family and business continuity and so on are available, category at the 30th annual Private Banker International with the Guernsey Trust options also capable of being (PBI): Global Wealth Summit & Awards 2020 sharia compliant. As of December 2019 AUB had more than 201 trusts and Private-Portfolio Investment Companies (PIC’s) with total assets exceeding US$750m. The bank has placed customer service at the heart of its future planning, backed by a digital innovation drive, and new cyber-security measures, such as brand protection, third-party security risk benchmarking, and:

• A Network Access Control solution (NAC) • New endpoint detection and response (EDR) tool

www.pbigws.verdict.co.uk 25 Outstanding Private Banker Award for Laila Ashour

aila Ashour, the Head of Private Banking & Wealth Additionally, Ashour always supports employees on all Management at Ahli United Bank: Egypt, has more levels to learn and advance, and seeks to mentor others Lthan 38 years of experience in the field, the majority throughout the industry she loves. with AUB. Her skills, knowledge and leadership are why she was one of the various winners of the Outstanding Ahli United Bank (AUB) also won for Best Private Bank Private Banker – Regional Player recognitions at the PBI for Islamic Services and achieved Highly Commended Global Wealth Summit & Awards 2020. (HC) status in the Outstanding Private Bank: Middle East category at the 30th annual Private Banker International Her professionalism and integrity have always delivered (PBI): Global Wealth Summit & Awards 2020 results, with growth of more than 20% in 2019 in the deposit and investment portfolio at the Egypt office booked, 37.5% for offshore mortgages. She has established a vast network of HNW clients in Egypt and provides global accessibility and investment options, helped by a new MyGlobal service.

26 2020 Special Report Mizuho Highly Commended Cooperation agreement drives Singapore expansion

izuho Securities Singapore Pte. Ltd signed a The agreement brings together the cutting edge cooperation agreement with Lombard Odier technological WM infrastructure provided by Lombard M(Singapore) to provide wealth management Odier group and its access to global investment services to meet the offshore needs of Japanese products, with Mizuho's pre-existing large clientbase. and Asian ultra high net worth (UHNW) individuals, Mizuho’s clients get more advanced tools and products adding 100 such clients and US$800m in assets udner in Singapore, while Lombard Odier gets more scale, management (AUM) last year. creating a win-win growth strategy for both.

The link-up and further plans to add relationship The Outstanding Private Bank for Growth Strategy managers (RMs) and grow AUM to US$10bn in five years category at the PBI Global Wealth Summit & Awards 2020 mean its been recognised as a Highly Commended (HC) was very popular attracting a lot of entries and consequently entrant in the Outstanding Private Bank for Growth another Highly Commended recognition for Bank Julius Strategy at the online Private Banker International (PBI): Baer. The winner was RBC Wealth Management. Global Wealth Summit & Awards 2020.

Mizuho Securities aimed to uncover and meet the diversified and sophisticated wealth management (WM) needs of more clients in the Asian region, particularly those working abroad from Japan in Singapore or vice versa, and to become their most trusted wealth management partner.

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Emirates NBD WINNER Serves the needs of non-resident Indians around the world

dedicated Global South Asian Business (GSAB) team at Emirates NBD Private Banking (ENBD PB), Abacked up with effective offshore capabilities, global branches and good digital offerings and technology, has allowed the Dubai-headquartered, UAE, bank to win the Outstanding NRI Global Indians Offering at the virtually-held Private Banker International (PBI): Global Wealth Summit & Awards 2020.

ENBD PB boasts of one of the largest GSAB teams in the middle-east and north africa (MENA) region, which in this case also spans to include East Africa, as there is a three- member team that covers the South Asian community in Kenya, Tanzania and Uganda. These countries have (iii) Trust and Wealth Structuring: services include significant non-resident indian (NRI) populations and advice on succession planning, trusts, and liquidity to opportunities. The GSAB team comprises of: ensure that the next generation is fully equipped to

C manage their personal wealth. Implementation is carried • 13 Relationship Managers (RMs) out through a Jersey (Channel Islands) trust centre. M • & four Investment Advisors. Y Digital Technolgoy CM The GSAB clients contribute 32% of the entire private The ENBD PB GSAB offer is backed up by technology,

MY banking (PB) client base at the bank. It’s a key target specifically an international PB platform that allows NRI market for the private bank as it is the largest expatriate clients to talk with advisors around the bank’s coverage CY population in the UAE. network, and to remotely bank with the firm across the CMY MENA, Asia and Europe areas, as required.

K The team work on a dual coverage model that means clients from the Indian Subcontinent based within the Digitisation is evident, on-going and demonstrated by United Arab Emirates (UAE), or in the wider region, can the recent rollout of a tablet-based financial planning be served locally or they can access global PB offshore initiative that gives RMs a cockpit view of all of their centres located in Singapore, India and London, UK. clients' assets and liabilities, enabling them to engage more efficiently in real-time with clients. Features such These offer the personal touch or remote connections as ready-made reports on portfolio deviations also and provide high-end real estate options or Asia-specific allow advisors to increase client engagement and drive market exposures. The Mumbai office also provides high advisory trades. yielding deposits and transfer capabilities. Client instructions can easily be received electronicly, GSAB client preferences in the recent past have been if preferred, allowing quick, paperless transactions and directed primarily towards income generating fixed straight-through processing (STP). The bank’s digital income vehicles, such as mutual funds and bonds, along capabilities also support simpler on-boarding procedures and with some allocation into equities. Other product and documentation, plus the automation of the trading system. service offerings include tactical solutions, such as: Innovative features have also been added to the bank’s (i) A leveraged Foreign Currency Non-Repatriable mobile app, such as enabling investment transactions (FCNR) deposit with Indian banks: This has proved while on the move, mainly in mutual funds and bonds. An popular recently as it provides an enhanced AED/USD investment portfolio widget also allows users to open, based currency return to NRI clients. view, and manage their assets, as well as contact their RM and advisory team from within the app. (ii) Best execution: services are enabled via execution desks in Dubai and Singapore that give access to listed All these initiatives have helped digital adoption to grow, capital markets and over-the-counter (OTC) instruments with 55% of ENBD PB customers digitally active every around the world. A team of specialist traders offers month, with an 11% rise evident in Q1 2020. coverage from the opening of Asian markets until the US market closure, six days a week, 21 hours a day. They A concierge based online ordering platform called are skilled in utilising global dark pool and algorithmic ‘Moments of Delight’ means elite clients can easily access trading techniques to ensure clients get the best execution lifestyle and fine dining experiences, driving engagement. possible and access to ‘follow the sun’ operations.

www.pbigws.verdict.co.uk 29 W E A L T H Centrum WINNER Centres its offering on HNW families

entrum Wealth Management started in 2011 with ones. The proposition has been further strengthened a six member founding team who are still there. It with new structuring, legal and philanthropy services Cnow employs nearly 100 wealth advisors, who have for its niche set of clients. The Family Business Advisory a 35% stake in the firm ensuring entrepreneurial spirit, team also helps families with business succession, offices in 16 cities including Singapore, and a client base professionalisation and conflict resolution. of more than 2,000 high net worth (HNW) families. It won Best Family Office category at the PBI Global Wealth The firm now manages US$4 billion of AUM across its Summit & Awards for setting up a desk with 100+ clients operation and its personal focus and attention to detail and on-borading 25 big ultra HNW families last year. also won it Highly Commended (HC) status in the Outstanding Wealth Management Service for the The Family Office business is now entering its third year of Affluent category, which was won by DBS (RBC WM operation and is well positioned for growth, adding more also received a HC nod). clients in 2020 that have taken its office AUM to US$1bn.

Services such as estate planning and tax advice have helped build new relationships and deepen existing

30 2020 Special Report Outstanding Private Banker t

BNP Paribas WM Leading European Private Bank offers comprehensive WINNER suite of digital and impact solutions

BNP Paribas Wealth Management (WM) is a global The myWealth platform has received strong reviews from business that is particularly strong in its European clients, including regular top ratings in Net Promoter heartland, where it won a regional award at this year’s Score (NPS), and praises for its security and user virtual PBI: Global Wealth Summit & Awards, held friendliness. It offers elements spanning: online on 9 October 2020. It also won recognition in the Outstanding WM Technology Initiative – Front- • Security: data access and transfers are protected end category for its myWealth digital platform and with biometrics. the myImpact tool that allows users to assess their • Connectivity: the suite is available at any time from environmental and social impact – winning the bank a any device. Users can receive alerts and deeper further philanthropy award. analysis and statements on performance and risks. • Control and oversight: Provision of a clear overview The myWealth platform is a comprehensive suite of of all financial positions and investment portfolios, digital services that offers secure access and features with breakdowns by asset class, currency distribution across desktops, tablets and via a dedicated mobile and so on – backed by performance analytics. app. The suite varies depending on local regulations Monthly statements, or more frequent reports, can and the investment tools it hosts are in full compliance be seen. Instrument details within portfolios, and with the EU’s Markets in Financial Instruments Directive related notes, can be viewed; transaction histories (MiFID) regulations. can be explored; and so on.

The platform resulted from a key initiative launched Outstanding Philanthropy Offering in 2017 aiming at bringing multichannel ‘Client The free myImpact tool from BNP-Paribas Wealth Experience’ (CX) at the heart of everything BNP Management was co-created with several hundred clients, Paribas Wealth Management does. Several hundred private bankers and fintechs specialists to streamline clients, private bankers and WM experts came together users’ assessment of their environmental and social impact in three incubator factories in Europe and Asia to and their appetite to leverage their wealth to achieve combine their knowledge and innovate in order to impact. It also helps Relationship Managers (RMs) to design a comprehensive digital wealth management better customize investment strategies in-line with client’s suite underpinned by a seamless CX strategy. personal convictions. The tool is available in several key Partnerships with fintech startups have been nurtured countries in Europe and will be progressively rolled out in to enrich the application ecosystem with data-driven every country. BNP Paribas Wealth Management leverages functionalities aiming at helping clients access relevant the UN Sustainable Development Goals (SDGs), which information and make decisions. are used as guidelines for the sustainable investment opportunities fostered by myImpact.

www.pbigws.verdict.co.uk 31 The digital tool is just one part of BNP Paribas Wealth recognized for its global services offering targeting Management’s comprehensive offering. Regular initiatives clients as diverse as Family Offices, HNWI, UHNWI or include the Philanthropic interviews; #WealthSideStories expatriates with a complete offering including Private and a sustainability leadership programme in partnership Equity and Real Estate opportunities or sustainable with Cambridge University. investment options.

Established in 2008, the philanthropy advisory team The bank has EUR380 billion worth of assets under has seven full-time members in Europe, Asia and the management (AuM) and holds leading positions in its US. They help clients with a whole range of services historical markets, as well as fast growing positions in including defining a strategy; analysis of chosen causes; key European markets. benchmarking; the legal and fiscal environment; analysis of different philanthropic vehicles and structuring; Finally, BNP Paribas Wealth Management also achieved beneficiary selection and partnerships; and impact Highly Commended (HC) status in the • Outstanding evaluations. RM Training & Development Programme & • Outstanding NRI Global Indians categories at the 30th BNP Paribas Wealth Management also won Outstanding annual Private Banker International (PBI): Global Wealth Global Private Bank-Europe for their entry into this Summit & Awards 2020, in recognition of its constant category at the PBI: Global Wealth Summit& Awards. Its investments in its staff and employees, and its range of North American and Southeast Asia units also received services targeting the NRIs. a Highly Commended status. The private bank was

32 2020 Special Report Quintet Highly Commended Invests in acquisitions, new branding & people to grow in Europe

uintet Private Bank (PB), formerly known as KBL • Develop a coherent, comprehensive products and European Private Bankers, is a Luxembourg- services strategy for the enlarged group, including Qheadquartered banking group founded in 1949 an enhanced lending offer, increased access to that operates in 50 cities across Europe with 2,000 alternative investments and a redesigned offer for employees. But it is making significant investments to grow ultra high net worth individuals (UHNWIs). further in people, products, new branding and geographic • Invest in training and development, talent acquisition expansion, winning it Highly Commended (HC) status in and its corporate culture, which is extremely the Outstanding Global Private Bank: Europe category important to represent its focus on relationships not at the online Private Banker International (PBI): Global just transactions, and its desire to grow with clients. Wealth Summit & Awards 2020. • Provide robust intellectual property, developed by internal investment specialists. This is important as In 2019, Quintet PB acquired UK-based NW Brown, which it buttresses its reputation as an advice-led firm that has now been integrated into the operations of Brown stands apart. Shipley, its UK affiliate, and it returned to the Swiss wealth management market after buying Zurich-headquartered The Outstanding Global Private Bank: Europe category Bank am Bellevue. It also has plans to expand into the at the PBI Global Wealth Summit & Awards 2020 was very Nordic region with a branch in Copenhagen, using its popular attracting a lot of entries and consequently another Quintet group-wide branding. Highly Commended recognition for ING Luxembourg.

Its long-term growth strategy is further supported by plans to:

www.pbigws.verdict.co.uk 33 Kasikornbank Pivots towards social media to update clients WINNER & allow PBs to advise

his is now spend nine hours a day online and two thirds are on social media, especially Facebook, TYouTube and the local Line (WhatsApp equivalent). Consequently, Kasikornbank has followed them online, providing new social investment reports, videos, seminars, and portfolio customisation & control tools that free up time for private bankers (PBs) to advise, rather than just update, clients. The pivot has won it Most Innovative Digital Offering at the PBI Global Wealth Summit & Awards.

The bank’s suite of online and social media tools, especially useful during the Covid-19 pandemic, include:

(i) KPB Line Official Account: This local WhatsApp equivalent is popular in Thailand and the bank’s new account allows curated information to be sent to client followers, such as market indicators (movements in global indexes); summaries of of weekly house-view recommendations; and so on. But it’s not a channel to (v) Core banking system tweak provides portfolio dump data into. Rather, every bit of information needs to customisation tools and better control: working with get approval from the Financial Advisory Team as to its Avalog the bank has enhanced its internal private banking credibility and usefulness before it is passed to clients. A core system to help advisors construct customised support team also makes screen revisions if necessary to investment portfolios much more easily. The system ensure clarity, explain technical terms and so on. now automatically matches clients’ current portfolios with the House-view ‘K-Alpha’ recommendations. (ii) KBank PB Investment Flash VDO: This short video Where clients deviate from the advice the system tells was initially produced during the early stages of the PBs what action to take, fine tuning proposals to suit Covid-19 outbreak to keep clients abreast of the global personal goals. A transactional alert system operates so economic situation in a short, snappy and understandable execution permission is sought from PB team heads or the way. But it has proved so popular it’s now continuing. investment committee if significant deviations are evident. Prepared weekly the three-minute clips are distributed via social channels like Facebook, YouTube and Line, and Kasikornbank still believes in service from humans. It traditional SMS and other channels. encourages private bankers to still contact clients via their usual phone or direct message channels to deepend the (iii) Online Live Seminar: this regular seminar on a new relationship, but to focus it more on advice now rather than YouTube channel was again created during the Covid-19 just updates, and to be attentive emotions or questions crisis to help update and connect massive numbers of from clients. Any feedback is fedback via a ‘Call Report’ clients at one time, without the need for phone calls or and lessons that can deepen relationships are shared. other time-consuming, expensive methods. Face-to-face seminars were obviously curtailed during the pandemic. Kasikornbank Private Bank also achieved Highly Audiences get global insights from invited experts from Commended (HC) status in the Most Effective Investment partners in Switzerland, Singapore and Hong Kong Service Offering category at the 30th annual Private Banker and can ask questions. Clips can be watched later or International (PBI): Global Wealth Summit & Awards 2020. transcriptions accessed via Line.

(iv) Internal conferencing, library & chatbot: advisors have received extra connectivity and information as well, in order to help them keep up-to-date and advise clients in a more in-depth manner. For instance, a weekly internal video conference system via Microsoft Teams is now easier to access and watch back later if advisors are travelling. It’s transcribed and uploaded into the bank portal. The Kasikornbank Business Technology Group (KBTG) is also working on a Chabot to support internal communication more effectively.

34 2020 Special Report Bank Julius Baer WINNER Investment service improved by JV, intermediary growth & tech

ank Julius Baer is pursuing a growth startegy that has Summit & Awards and a Highly Commended nod for seen it launch a joint venture (JV) in Thailand and unveil Outstanding Private Bank for Growth Strategy. Ba new unit for the intermediaries market, comprising external asset managers: EAMs and financial advisors: EFAs, Bank Julius Baer is targeting Asia for growth via its while its product and service offering performed well aided various Singapore, China & Hong Kong, India and by a number of technology advances. Indonesian offices, while not forgetting non-resident indian (NRI) populations or emerging countries, such as Instruments such as real estate investment trusts (REITS), the Philippines and Thailand. Its JV with Siam Commercial a partnership with Nomura in Japan, and events to Bank created SCB Julius Baer on 25 April 2019. It now has encourage organic growth won the bank Most Effective 1400 staff in Asia, 21% of its workforce. Investment Service Offering at the PBI Global Wealth

www.pbigws.verdict.co.uk 35 A 5% stake in NYSE-listed Jupai Holdings Ltd, a Chinese resulting substantial capital buffer provides it with room to third-party wealth management (WM) service provider steer, grow and develop its business, although obviously gives it insight and further growth potenital in that the impact of Covid-19 is significant for the entire industry market, while the creation of Julius Baer Nomura Wealth and everyone’s forward planning. Management Ltd in Japan in late 2018, after Nomura acquired 40%, expands its base bringing international Technology mandate and bespoke discretionary services to their On the technology front, Julius Baer has made improvements high net worth (HNW) clients. to its trading apps and platform, allowing relationship managers (RMs) to more easily and effectively execute a variety Strategic partnerhsips in other parts of the world with of foreign exchange (FX) and structured product trades, and Macquarie and Merrill Lynch allow it to simply personalise information for clients. provide their HNW individuals (HNWIs) with financing and investment solutions to go beyond traditional WM. Over the last five years, the bank has invested over The specialised Investment Management (IM) and CHF1bn in technology for the Group. A new core banking Markets and Advisory Solutions (AS) units, respectively system was implemented in 2018, which improved Group spot multiasset risk opportunities and defences, and operational efficiency, scalability, and flexibility in the provide effective wealth planning. The latter’s Market back office. It has also made it easier to introduce new Outlook events and Alpha Conferences, plus its Young fintech-enabled front-end apps and tools – whether Partners programme, showcase valuable insights from they’re developed internally or externally. The Hong Kong leading fund managers and drive organic growth. and Singapore offices, for instance, are now getting new functionality running on this back office foundational The Next Generation content marketing platform also stone, with local tools further automating discretionary communicates thought leadership to clients, particularly mandate solutions. around the bank’s present key themes: The bank has invested in the following digital initiatives • Arising Asia, and tools to enhance the client experience (CX) and • Digital distruption, support the front-office: • Energy transition, • Feeding the world, • New e-/ application for Asia, with soft • & Shiftling lifestyles. token login capabilities. • Customisable dashboard to improve data presentation. The bank created a new front unit for intermediaries • Secure email channel to communicate with the bank and global custody in January 2019 to offer their range across multiple devices. of wealth planning, product structuring, connectivty • Triple A Plus (TAP) is a new portfolio management and execution services to the clients of EAMs and system that provides improved capabilities for the Asia EFAs. This business-to-businesss (B2B) strategy, aided Investment Management (AIM) business. It acts as a by the firm extensive reports, advice and WM data, foundation stone for future enhanced performance will support intermediaries along their entire value reporting capabilities across all portfolios. chain and is an important additonal market to the firm’s • A new Anti-Money Laundering System (AMLS) has organic growth efforts. significantly strengthened compliance and control systems. The intermediaries franchise in the bank’s home market of Switzerland is growing as demand for value- Taurus Wealth Advisors (see separate write-up) achieved adding information services rises, thereby increasing Highly Commended (HC) status in the • Most Effective mandate penetration. The same pattern is evident Investment Service Offering category at the Private Banker across Europe, Latin America and Asia. Net new International (PBI): Global Wealth Summit & Awards money inflows markedly improved year-on -year (YOY), 2020, as did Kasikornbank, because there were a lot of contributing to higher assets under management noteworthy entrants (AUM) and rising revenues.

Results Adjusted net profits after tax of CHF772 million (US$847m) were acheived in 2019 and an International Financial Reporting Standards (IFRS) net profit of CHF465m. AUM of CHF426 billion, an increase of 12%, was reported.

The balance sheet on 31 December 2019 for Julius Baer showed a healthy Bank for International Settlements (BIS) total capital ratio of 22.1% and a BIS CET1 capital ratio of 14.0%, well above the Group’s own floors of 15% and 11% respectively, and exceeding the minimum regulatory requirements of 12.4% and 8.2%, respectively. The

36 2020 Special Report Taurus Highly Commended Ready for all investments come bull or bear markets

nvestment options and mechanisms change over time for (ii) Private Market Investments & Collectibles: Certain high net worth (HNW) clients. But Taurus Wealth Adviors clients want to invest in disruptive high growth areas, Iis ready for bear markets, as much as it is for growing bull such as the tech-led Internet of Things (IoT) arena, while markets, thanks to its diverse range. This is why it received others are interested in art cataloguing, storage, valuation a Highly Commended (HC) recognition at the 30th annual and insurance solutions – all available via partners. PBI Global Wealth Summit & Awards 2020 in the Most Taurus caters for this, family office wealth management, Effective Investment Service Offering category. and a diverse range of other needs, such as real estate opportunities or pre-investment due diligence. Taurus Wealth Advisors in Singapore offer a wide variety of local, regional and global investment options and o Clients get priviliged access to a steady flow of private instruments and other non-market services via their equity and debt opportunities spanning the risk spectrum partner network, covering. from early stage to pre-IPO investments. o Execution in this space is entrusted to a carefully (i) Public Market Investments: portfolio construction is cultivated network of access partners and service providers, bespoke and best suited to each client, with an incentive which follow-on from advisors’ recommendations. structure in place to reward advisors for adhering to this. Being bank and product agnostic helps keep the focus (iii) Consolidation, Holding and Governance: on clients’ risk-reward objectives, using only the most Investment information from multiple sources is used suitable options from multiple paths to market. to assess and analyse individual portfolios and ensure appropriate risk-reward parameters and holding o A team of experienced Financial Advisors act as mechanisms, which may be a trust, company or fund. gatekeepers & contact points for clients. o Supporting advisors is a team of specialist Investment o Family governance partners help with all legal and Counsellors with global and regional expertise across all other dynamics involved in intergenerational wealth the various traded asset classes. Appearances on prime transfers, which is especially pertinent in the Asia market. business channels and industry forums accentuate the firm’s thought leadership. o An institutional pedigree back office and client servicing infrastructure ensures efficient and timely execution and reconciliation of trades.

www.pbigws.verdict.co.uk 37 NAVIGATING TIGHTER WEALTH MANAGEMENT & FEE REGULATIONS, TECH & COVID CHALLENGES

In this Question and Answer (Q&A) interview with Rajesh Please briefly describe your career trajectory Saluja, CEO & MD, of ASK Wealth Advisors in India, the and company? 53 year-old head of the firm discusses his personal and I joined ASK Group as chief executive officer (CEO) & professional ambitions, background, the challenges of Managing Partner in Dec 2006 in order to set up their Covid-19 and of tighter wealth management regulations Wealth Management business. They had a financial and fee transparency in India – not to mention talent services (FS) heritage dating back to 1983 and were on the shortages and tighter margins. However, the huge Indian verge of exiting a joint venture (JV) with an American firm market still presents great opportunities. called Raymond James. They were looking for someone to set up their standalone wealth management business

38 2020 Special Report Growth areas for the business are multifaceted, including expanding distribution in Tier 2 cities in India and also the non-resident Indian (NRI) segment living abroad. On the investment side opportunities exist in: "We believe in wisdom rather • Alternate investments, than knowledge, and • Loans against Capital Markets • & International investments. client centricity"

Please briefly describe your company’s plans for the future? to complement their pre-existing flagship Discretionary The next phase of growth for ASK Wealth Advisors will be Equity Portfolio Management Service (PMS). This has a combination of an enhanced product platform, growth in grown at more than 18% compound annual growth rate distribution footprint and investment in technology. (CAGR) for over 20 years providing a strong foundation for the diversification. We plan to increase our presence in India specially in Tier 2 cities over the next three years to at least 18 cities I could see the huge opportunity in the growing Indian and also increase our advisor headcount from 50 to 75. wealth management sector and wanted to get in at While we have offices in Dubai and Singapore targeting an early stage as a shareholder and become more institutional clients, we are keen to build a distribution entrepreneurial after previously working with Standard platform to target NRI clients across various markets - Chartered Bank: India for 11 years in various roles in their organically or inorganically. wealth management division. On the Product platform side, we have recently launched Personally, the biggest difference between heading our Non-Banking Financial Company (NBFC) to cater a wealth management business for an established to the lending requirements of our clients. This NBFC multinational corporation (MNC) and being a founder & will offer loans against capital market securities and also CEO of a local Indian firm is this entrepreneurial mindset. allow us to offer special opportunities in fixed income and This was the biggest change in mindset during my current unlisted equities to our clients. Additionally, we’re in the journey with ASK. process of launching our Discretionary Model portfolios across asset classes and fund managers. I started my working career with Modi Xerox in 1989 and grew to become the Regional Head before moving We run a highly successful US Global Opportunities to SCB in 1995. Capital Markets, specially investing in fund that feeds into some of the best Discretionary equities, was always an area of interest and passion Equity portfolio managers in the US. Our objective is to during my college days. allocate up to 10% of the financial assets of our clients to International investments outside India. ASK Wealth Advisors is today amongst the most respected wealth management & family office service providers for We’re investing in upgrading our existing technology the Ultra high net-worth individuals (HNI) segment in India, platform with an objective of on-boarding & servicing our becoming one of the top three firms. We serve some of clients digitally in the future. the richest Ultra HNI marquee families in India with 1000+ on our books, and have time for customisation, relationship How has technology impacted your sector building and hence trust because of our ultra HNI focus. & company? We believe in wisdom rather than knowledge, and client Technology has and will continue to impact our business centricity informs everything we do. in many ways – right from cybersecurity through to the aforementioned digitizing of client on-boarding, We’ve one of the highest revenues and assets under transactions and servicing. This will improve the management (AUM) per client figures in the industry productivity of processes and efficiency of employees, as well. The group cumulatively manages more than while providing convenience and speed to clients. USD$6.5bn of assets with annual revenue of close Technology will continue to play a larger role in automating to USD$75m, as of 31 March 2020. Importantly, we processes across all functions of the business. The know ‘what not to do’ as well as ‘what to do’ in market challenge will be to upskill our employees and educate stressed situations. clients in order for them to adapt these technologies to their advantage. Our expertise in Listed Equities & Real Estate is valued, alongside the continuity of relationship that an owner Trends in artificial intelligence (AI) are particularly exciting. While manager driven firm brings, with key employees human intervention remains a critical aspect when building Ultra as stakeholders providing excellent service. We’re HNI client relationships, the ability to support a client-facing headquartered in Mumbai with a branch presence in 11 advisor using AI in research and analysis – especially past and Indian cities and clients spread throughout the country and predictive metrics – and in offering personalized advice could be Europe, Africa, Middle East & South East Asia. a game changer.

www.pbigws.verdict.co.uk 39 How has Covid-19 impacted: (i) Your company, liquidity & staff (ii) Your business & its prospects? (iii) How have you responded? Well, first and foremost let me say that the dramatic "We need to plan our costs impact of Covid-19 on individuals and organisations is based on the worst case unfortunately still unfolding. No financial institution (FI) will be immune to its effects. We have to future-proof our Covid-19 scenario, while business for a ‘post-crisis’ world.

planning our revenue numbers While the pandemic has had a serious short-term impact based on the best scenario." on the economy and business all around the world, I am quite amazed at the client maturity levels and patience with regards their financial investments in this situation unlike the 2008 crisis. There have been no knee jerk reactions or panic to pull out money or anything of that sort. Clearly Ultra HNIs have come of age with regards to building a long-term financial portfolio and staying the Alongside this, the rise of fintech platforms that can course despite the volatility. That augers well for the wealth aggregate investment information for a client across all management industry and reinforces my belief that the size investment products will be a big step-up for the wealth of the opportunity remains intact. The pandemic has not management industry. fundamentally altered the industry’s long-term potential. In the short term, however, the pandemic has forced us Technology is going to have a big impact on the way to focus on: wealth business is managed and delivered in future. It should be a high focus area. • Pace of digitization: Covid-19 has dramatically accelerated the pace of digitization, advancing it by What non-Covid challenges does your company face? maybe 3-5 years, especially in regard to client on- Aside from the challenges of Covid-19, which I’ll address boarding & engagement. I believe our business will later, I think the biggest challenge for us is the fact continue to remain a people and relationship driven that wealth management in India is going through industry at its core for some time to come, especially a transition phase on the back of tighter regulations in the HNI/UHNI client segment as unlike Western and more transparency in fees. The new investment markets like the US & Europe, Indians still like to advisory regulations introduced by the Securities and socialize and build relationships. However, we will need Exchange Board of India (SEBI), the relevant regulatory to build platforms and push digital channels to engage body, require every organisation to classify their clients with clients, now more than ever. In summary, it will as advisory or distribution clients and deal with them be a hybrid approach in future, combining Human + through separate teams. Digital processes and abilities.

Each firm has to choose whether a client is under advisory • Business continuity planning (BCP): The pandemic or distribution status, and one can either earn fees from has got most wealth firms to get a fix on where they clients or commissions from products. This has been done stand in terms of their BCP and to work on areas that to avoid any conflict of interest on advice. It poses a big ensure their business is much better prepared in future challenge for many wealth managers as they will need to to handle similar situations. The focus is on client on- redefine their business models and enhance their internal boarding, servicing, engagement or acquisition while compliance processes to adhere to this requirement. working from home. Home working has been a facet The other two challenges are: of Covid-19 for most firms.

• A reduction in margins: As the Ultra HNI segment • Annuity income: Firms that have built their business for vanilla product offerings like mutual funds, models on annuity income will fare much better in Discretionary PMS, and so on tightens. More client the post-Covid world and may not resort to drastic touchpoints or products and services need to be cost-cutting measures or laying off people. Building introduced in order to improve revenue per client, and a strong annuity book needs to remain a focus area. hence overall profitability. In the short term, tight control on costs across line • A shortage of talent: specifically for financial advisors items and re-deferring unproductive costs will need to and relationship managers (RMs). One has to be undertaken. We need to plan our costs based on continuously skill a bunch of fresh hires from reputed the worst case Covid-19 scenario, while planning our institutions with a background in finance and seek revenue numbers based on the best scenario. out those with Chartered Financial Analyst (CFA) qualifications in order to get them to take on the role • Virtual engagement: A high level of virtual of a financial advisor. It’s not easy and a lack of skills engagement for teams, especially in regard to client- is something we’re always aware of and seeking to facing advisors and clients themselves, is essential to address. We’re a people business. maintain relationships.

40 2020 Special Report Equirus WINNER Rising star in A-P sets up new WM firm

Hyunjun Kim, Hana Bank Ankur Maheshwari, Equirus Wealth

ne of the many standout individuals recognised He has worked at many different banks in many different at the 30th annual Private Banker International nations in the past, gaining prior experience at: O(PBI): Global Wealth Summit & Awards 2020, held virtually due to Covid-19, was Ankur Maheshwari, CEO of (a) ICICI Bank: early in his career in India, Maheshwari Equirus Wealth Private Limited (EWPL) in India. He got a worked in the Private Banking Unit of ICICI Bank in sales, Rising Star for Asia-Pacific trophy for establishing the ‘ab- learning the modus-operadi of WM at a domestic bank. inito’ wealth management (WM) unit from the beginning (b) JP Morgan: Maheshwari worked as an Equity Research using his long experience at Citibank, JP Morgan and Analyst at JPM and gained deeper insights into how to ICICI Bank. evaluate a company and its financials. (c) Citibank: More than a decade at one of the largest Maheshwari was recognised alsongside other equally multi-national banks in the world, inlcuded various stints, important rising stars in the category: • B60’s Wai Kin such as Research & Advisory Head for the Consumer Bank Chan; • Hana Bank’s Hyunjun Kim; and from • DBS Bank in India, sharpening his understanding of capital markets - Chee Loong Yong; Gaurav Wahi; Jynn Ong; Kenneth and investments. He trained for this and other senor Leung; Paul Taurignan; & Sulaiman. positions by gaining a place in 2011 on the APAC New Executive Training Programme in Singapore and was part Equirus Wealth was set up ‘ab-inito’ two years ago with of Citibank’s Fast-trax cross-franchise programme. a digital wealth platform that offers a seamless service. According to EWPL, citing data from the Association of The PBI Global Wealth Summit & Awards 2020 would Mutual Funds in India (AMFI), the firm is ranked 24th out of like to thank all the individual entrants and winners of the 852 players in the sector on Net Sales in the Financial Year Rising Star for Asia-Pacific category. We look forward 2019-20. It achieved this in just its second year of operation to seeing the valuable contributions they will all make to and during a volatile time, with Covid-19 recently bringing the industry in future years, inlcuding: • Equirus Wealth’s unprecedented medical and economic impacts. The firm Ankur Maheshwari; • Hana Bank’s Hyunjun Kim; and from has partnerhsips with some private sector commercial • DBS Bank - Chee Loong Yong; Gaurav Wahi; Jynn Ong; banks in India, such as Federal Bank and DCB Bank, acting Kenneth Leung; Paul Taurignan; & Sulaiman; Wai Kin Chan as an extended WM arm for these banks and thereby easing its path to market.

Maheshwari has demonstrated capabilities in building a team, creating the technology platform and integrating it with core banking solutions, while setting up back- end operations and adhering to all relevant regulatory frameworks in the country.

www.pbigws.verdict.co.uk 41 Maybank Private WINNER Steadily expanding client coverage and business offerings

aybank has on-the-ground operations in all 10 There is still more expansion to come. Headquarted Association of Southeast Asian Nations (ASEAN) in Kuala Lumpur, Maybank is pursuing it via identifying Mcountries spanning Vietnam, Thailand and so on, potential clients at its four Malaysian Private Wealth plus its own ‘home’ markets where it is a universal bank Centres in Kuala Lumpur, Penang, Kuching and Kota offering services in Singapore, Indonesia and Malaysia. Kinabalu as well as its onshore booking centres in Malaysia, Its international network of over 2,600 branches in 18 Singapore and Hong Kong. Global banking and business countries is a useful channel to induct clients to its banking customers are also potential PB members. Its Private Bank (PB). London office in the United Kingdom acts as a strategic gateway to European markets, offering cross-border It’s been calculated that there is a wide base of high-net- financing for overseas mortgages and diversified currency worth (HNW) individuals among its ASEAN and China and other trades. Cross-border credit lines are another customers and Maybank Private is aggressively pursuing target area for growth. them. This has won it the Outstanding Private Bank: Southeast Asia trophy at the PBI Global Wealth Summit Relationship managers (RMs) are adopting a global vision & Awards 2020. and mindset to focus on cross-selling wealth management across all business segments, so that potential clients may The regional Southeast Asian growth drive at Maybank enrol in the private banking segment. RMs are empowered has been well rewarded so far. A case in point, the Total with the capability to book clients in any country they Financial Assets (TFA) of its private banking arm have wish, with the help of a 'buddy' RM assigned to them. As a grown rapidly to US$14.2 billion, a CAGR of 30% over a result, clients benefit from having access to a truly regional five-year period. value proposition. The RMs are recognised for their efforts in referring customers, as well as servicing referred

42 2020 Special Report customers, thereby eliminating the 'territorial' mindset. This approach has helped to ensure new assets from existing customers are brought into the bank.

Enhancing the bank’s technological capabilities to unleash growth is also a priority. Its Avaloq Wealth Management System was enhancedin 2019 and further tweaked this year to maximise its potential to better serve clients. It’s now fully integrated across the front-, middle-, and back-office. New asset classes for structured products have also been added, and the mandatefor discretionary portfolio managers and alternative asset managers have been enhanced. Some other specific initaitives that have driven growth at the bank include:

• On-boarding Investment Banking clientele who are seeking to tap capital markets via IPOs, private placements and bond issuances into the PB. • Upgrading top clientele segments comprising Maybank Premier Wealth (priority banking customers) to private banking clients. • Launching Islamic Private Wealth in 2017 to reach • Maybank Income Management-i: A fixed income untapped market potential. fund with a money market feature that was unveiled on 7 January 2020, and by 10 March this year, it had Islamic commendation garnered RM154 million Malaysian Ringgit (US$37 Maybank continues its leadership in the Islamic Private million) in investment. Banking space through Maybank Islamic Berhad (MIB), the largest Islamic Finance provider in Malaysia and Asia Pacific • Maybank Global Sustainability Equity-i: A global as well as one of the top 5 largest Islamic Banks globally growth fund focused on sustainability that was recently by asset size, with total assets of US$59.9 billion as at 31 launched this year and hopes to attract funds for December 2019. green, social, developmental and other such projects.

Maybank’s innovative Shariah-compliant products, such • Maybank Islamic also recently developed a Murabahah as its targeted General Investment Account (GIA-i) and Vehicle Term Financing (MVTF) alternative car Islamic dual currency investments, is one of the reasons ownership solution and the Maybank Gold Account-i why Maybank also won a Highly Commended (HC) (MGA-i). This investment account is backed by accolade in the Best Private Bank for Islamic Services physical gold bars as a new asset class for investment category. It also plans to extend Islamic legacy planning portfolio diversification. solutions and roll out Islamic auto-callable structured products, among other innovations. • Maybank plays an active role in the Malaysian Sukuk (Shariah-compliant bonds) industry and has also The GIA-i alternative to a conventional is unveiled a virtual Shariah Centre of Excellence (SCoE) part of a Shariah portfolio that is diversified and certified that aims to be the leading reference point on Shariah to adhere to all releavnt principles. An enhanced GIA-i 2.0 knowledge and best practice for the sector. A new is imminent with new underlying assets such as marketable certification in Islamic Wealth Management (IWM) and securities and a concentration on real estate investment Islamic Financial Planning (IFP) is being rolled out to trusts (REIT). advisors and RMs to further grow the sector.

Maybank offers Shariah-compliant unit trust funds from internal fund house, as well as 10 different external houses under its open architecture platform. Two new Islamic unit trust funds with unique underlying and features have been launched:

www.pbigws.verdict.co.uk 43 Standard Chartered Highly Commended A-Z covered on the ESG agenda

ustainability is a key emerging trend among high net A few examples of its ESG efforts are: worth (HNW) and ultra HNW clients globally, which • A product proposition in sustainable investing that offers: Sis one of the many reasons Standard Chartered is - Sustainable structured products, sustainable bonds embracing the Environment, Social and Governance and cash deposits. (ESG) agenda, not to mention the good returns available, - ESG funds, discretionary portfolios, targeted impact winning itself a Highly Commended (HC) trophy in the investments, and alternative investment options in say Outstanding Private Bank: Middle-East category at the green energy and so forth. online Private Banker International (PBI): Global Wealth Summit & Awards 2020. • A US$50 million global Covid-19 relief fund for those adversely impacted by the pandemic, followed by Its also been rewarded for its long 100 years+ presence subsequent recovery funding. in the region and its modern singular global relationship manager (RM) approach, which provides a single point of • An immediate US$25m donation was made to support contact but still gives a choice of multiple booking centres emergency relief in the Banks ’s most affected markets for trades and trusts via Jersey, London, Hong Kong and - Donating over AED 500,000 to three local charities in Singapore. The global coverage it offers is allied to local the UAE advice and capabilities to offer maximum benefit. Islamic - AED 180,000 to the Emirates Red Crescent banking solutions are available. - The Bank has enacted a series of measures to mitigate implications of COVID-19 on its consumers in Assets under management (AUM) rose in 2019 and 2020, the UAE says the bank, especially as Covid-19 hit and a stable investment home was sought by many. Q120 saw record • At the start of the pandemic, the Bank committed revenues. A cohort of 16 new senior bankers were hired USD1 billion of at-cost financing to companies last year in London and Dubai to handle and deepen this providing goods and services to fight Covid-19, surge in business. or those switching to make products that are in high demand such as masks or personal protective At a Group level the bank’s sustainability aspirations have equipment (PPE) been set against annual and multi-year performance targets that are aligned to the UN Sustainable • We have provided Mediclinic Middle East, a foremost Development Goals (SDGs). Each aspiration contains one healthcare provider in the UAE, with favourable or more performance measures. These are tracked to funding options of $25 million as they continue to play determine the percentage and proportion of all measures a key role in the fight against the COVID-19 pandemic. that have been achieved, or are on track to deliver at the end of a period. The bank is at at 93.1% for 2019, according Socially, the bank has sponsored the Dubai Marathon for to its metric, rising from 90.9% the year before. The Group the past 15 years, and this year the 2020 Dubai Polo Gold has also committed that by the end of 2024, it will provide Cup, giving it access to UHNWIs. It also works closely with project financing towards USD40 billion of sustainable the Al Habtoor Polo Club over the long term and seeks infrastrucutre and also finance and facilitate USD35 billion partnerships with like-minded firms and families that share of clean tech and renewables. it values and sustainability focus.

44 2020 Special Report Get Involved – [email protected] www.pbigws.verdict.co.uk

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