Global Private Banking Awards 2025: Winners’ profiles

Best Global Private Bank; Best Private Bank for Alternatives

J.P. Morgan Private Bank

At a time when other wealth management leaders are impacted by internal problems and regulatory pressures, J.P. Morgan Private Bank (JPM PB) has steered a steady course, winning the global accolade for the second year in a row, successfully growing its business across numerous metrics. Over the review period, it expanded its footprint to 57 cities in the US with 2,200 advisers.

In addition, the private bank’s family office practice has gone global to better serve this segment internationally. JPM PB published its inaugural Global Family Office Report in April 2024, providing a quantitative perspective on global family office practices.

In response to strong growth in the alternatives space, in 2024 JPM PB integrated its alternatives capabilities across asset and wealth management to broaden coverage. Additionally, it launched a ‘secondary platform’ to offer liquidity for clients’ alternative positions, facilitating buying and selling of private market assets, and providing clients with greater flexibility.

The bank claims that integrating wealth management and alternative investments helps give clients access to a tailored combination of private equity, real assets, private credit, and hedge funds. These include new products such as ‘evergreen’ private investment funds and increased co-investment opportunities. 

“This isn’t just about scale; it’s about giving clients exclusive access, greater efficiency and digital solutions that help them reach their goals,” says David Frame, global CEO of JPM PB.

In 2025 alone, J.P. Morgan Alternative Investments Group has introduced more than 40 new funds in the alternatives space. 

The bank is embedding artificial intelligence (AI) across its operations, from onboarding and risk analytics to portfolio optimisation and cyber security. It says this will help ensure better client service.

In 2024, it launched Coach, an AI-driven advisory platform, used by more than 4,000 advisers. In addition, the bank attempts to foster a “culture of innovation”, with initiatives like AI days and Digital Private Bank Shark Tank competitions. JM

Best Chief Investment Office in Private Banking; Best Private Bank for Wealthy Women; Best Private Bank in Asia; 

UBS

A titan in the APAC region, UBS has scooped the award for Asia for an unparalleled seventh year running. In 2025, its Asia-Pacific business crossed a milestone of more than $900bn in assets under management

The bank puts this performance down to a “diversified footprint” in Asia-Pacific, close co-operation between the institution’s various units and enhanced global connectivity. “Today, three in five Asia-Pacific billionaires bank with us,” says Amy Lo, chair of UBS Global Wealth Management (GWM) Asia and co-head of UBS GWM Asia-Pacific.

Under the leadership of Ms Lo and Young Jin Yee, co-head UBS GWM Asia-Pacific, this was the bank’s first region globally to complete the migration of Credit Suisse clients to the UBS platform following the 2023 acquisition.  This involved more than 10,000 client accounts and 30m “data positions.”

Using this “client migration factory” as a blueprint, UBS then launched its first AI and Transformation Factory in Singapore in 2024, to accelerate and scale AI initiatives that redefine the way it works and delivers for clients.

The Swiss bank also won global accolades in the wealthy women and chief investment office (CIO) categories. Today, 45 per cent of UBS’s clients are female, reflecting its focus on the unique financial needs of women. 

In the past year, the bank has run more than 100 events for 6,000 women investors around the world, including one in Riyadh for 50 women. UBS also launched three platforms to convene women as investors: Women’s Investment Circle, Women in Family Offices Network and the EmpowerHer Wealth Summit.

With the Credit Suisse integration, the CIO increased its coverage of equities and bonds substantially. The UBS leaders believe the  2024 US election showcased the effectiveness of their CIO engine, delivering real-time scenarios and insights through client webinars. Its livestreams reached more than 450,000 clients globally.

UBS’s new GWM Solutions unit, created in 2024, brings many disparate services together under the CIO banner-led investments banner. JM

Best Chief Investment Office in Private Banking in Europe; Best Private Bank for Entrepreneurs; Best Private Bank in Germany

Deutsche Bank

In a remarkable resurgence after a long period of restructuring, it is now the third year in a row that Deutsche has won the trophy for best private bank in Germany, after temporarily releasing its grip on the title to Berenberg, one of the world’s oldest banks, in 2022.

The latest award is a particularly sweet one for Deutsche, coming after a period of significant change for the bank in its coveted home market, with Lars Stoy, the company’s former head of private banking in Germany, leaving for ING in September 2024 after 16 years with the firm. 

The hope was Raffael Gasser, Mr Stoy’s replacement, who joined from UBS, would hit the ground running and enable the bank a shot at the domestic private banking title again this year, and that has proved to be the case.

After 12 months in the top job, Mr Gasser says: “In order to deliver financial security for our clients, we have become even more client-centric, for example, with our offering and coverage teams.” 

He says Deutsche is doubling the number of advisers focused on strategic ultra-high net worth clients and “empowering coverage” in more than 300 locations. “As market leader, we aim to be a thought leader and shaper of our industry,” says Mr Gasser.

But the bank admits it has much more to do. Its global chief investment officer, Christian Nolting, points to improvements which need to be made in the implementation of artificial intelligence.

“We’re still only at the start of our AI journey,” says Mr Nolting. “We are already working on greater integration of AI into macro and asset class research, content creation and portfolio management, which will help further improve both our models and messaging. 

“But I’m also very excited about how AI can also help us interact with clients in radical new ‘real time’ ways,” he says. CN

Best Leader in Private Banking; Best Private Bank in Europe for Entrepreneurs

BNP Paribas Wealth Management

Best Private Bank in France

BNP Paribas Banque Privée

BNP Paribas has been intent on growing assets under management and has been scouring the market for wealth management businesses it can add to the French bank’s portfolio of companies.

Indeed, last summer it signed a share purchase agreement to buy Axa’s fund business in a deal valued at €5.1bn ($5.9bn). And in October it completed its previously announced acquisition of HSBC’s private banking operations in Germany, a move that the firm’s wealth management CEO, Vincent Lecomte, believes will take BNP into the “premier league of local German players”.

“This acquisition is a new crucial step for BNP Paribas Wealth Management as it enables us to more than double our size in Germany,” says Mr Lecomte, who has also secured the coveted award for Best Leader in Private Banking.

He previously spent much time working with German entrepreneurs, and is keen to leverage the bank’s broad range of services to attack this key market at the heart of Europe.

“We aim to provide Mittelstand SMEs and entrepreneurs and families with a comprehensive service offering, ranging from investment and corporate banking to asset management, all pooled from BNP Paribas’ well-established different franchises,” says Mr Lecomte.

The question remains in the market whether the bank’s buying spree will continue and whether this is integral to his vision. For now, Mr Lecomte is playing down talk of further expansion via M&A, adding that the opportunity to acquire HSBC’s private bank in Germany was too good to ignore, in a market he had been eyeing for some time.

“We are delighted to welcome the HSBC Private Banking teams, who help us build an even stronger franchise in Germany to better serve those clients,” he says. CN

Best Private Bank for Family Offices

Citi Private Bank

Investment risk is a key concern for family offices in the wake of global trade war fears and a resulting market sell-off sparked by the US tariff announcements in April, according to Citi Wealth’s recently published 2025 Global Family Office Report.

The survey, which canvassed 346 family offices from 45 countries in June and July 2025, found 70 per cent of respondents cited investment risk, followed by operational risk (37 per cent) and family-related risks (33 per cent) as major challenges.

Almost two-thirds of family offices took action to mitigate downside risk to their portfolios. Thirty-nine per cent of respondents looked to active management, allocating more to asset classes and geographies which they perceived as defensive (25 per cent and 15 per cent, respectively). 

Some 14 per cent of respondents engaged in hedging strategies, while 13 per cent sought out perceived defensive sectors. 

Asset allocations largely held steady, according to the report, with family offices making fewer shifts than in 2024. Among those implementing changes, bullish moves predominated, with private equity seeing the most positive activity. The key role of this currently in vogue asset class is highlighted by Hannes Hofmann, head of the global family office group at Citi Private Bank.

“For the average family office in our survey, direct investments in private equity or real estate represented 21 per cent of overall assets,” he says.

Among those family offices considering financing, the most frequently cited purposes were real estate (28 per cent), private equity (24 per cent) and operating businesses (18 per cent). 

Regarding business growth ambitions, Citi Private Bank has been looking to hire extra private bankers in the Middle East to serve wealth markets in the region, including Dubai, Saudi Arabia and Abu Dhabi. HS

Best Private Bank for Impact and Sustainable Investing; Best Private Bank for the Next Generation

LGT Private Banking

LGT Private Banking touts sustainable investing as a “strategic cornerstone” of business development and a “driver of differentiation” in the private banking market.

“We have embedded sustainability into our business for many years and set clear targets such as achieving net zero emissions by 2030,” says Olivier de Perregaux, CEO, LGT Private Banking.

Of the impact and sustainable investing initiatives implemented by the Liechtenstein-based private bank last year, he says the launch of new sustainable share classes of its largest core investment offering, the $21bn Princely Strategy, have had the most significant impact on business growth.

“As our flagship multi-asset solution, it reaches a broad client base, and the strong demand we have seen clearly shows that clients are interested in core strategies that combine financial performance with a tangible contribution to decarbonisation,” says Mr de Perregaux.

Amid a political backlash in the US against ESG initiatives, he says client interest in sustainable investing “remains strong, particularly among the younger generation, who place great importance on aligning their wealth with their values”.

The bank’s growth strategy is to strengthen relationships with high and ultra-high net worth individuals and family offices, especially in its core markets. 

“We see strong potential in the DACH [Germany, Austria and Switzerland] region in Europe as well as in Asia, with Hong Kong and Singapore remaining key hubs for wealth creation. While our main priority is to expand in these existing markets, we remain open to opportunities in new regions that offer sustainable growth prospects,” adds Mr de Perregaux. HS

Best Private Bank for Philanthropy Services

Lombard Odier

Fondation Lombard Odier, the group’s corporate foundation, celebrated its 20th anniversary in November 2024. To date, the foundation has supported almost 350 projects and organisations in Switzerland and abroad, particularly in the areas of education, the environment and humanitarian aid.

Maximilian Martin, Lombard Odier Group’s global head of philanthropy, reports a growing client focus on protecting the environment. Last year, the foundation launched a programme to support environmental projects that are scientifically grounded, socially impactful and globally scalable.

In addition, some donors are becoming more ambitious in expanding the support toolbox and using market mechanisms where it makes sense. 

“Foundations are increasingly using crowdfunding and evidence-based methods to direct philanthropic funds where they can have the greatest impact and support targeted capacity-building and strengthening of grantees’ networks,” he says. 

Appealing to the next generation is key to these initiatives, as the bank negotiates the “emotional shift” necessary for transfer of responsibilities and assets between different cohorts.

Lombard Odier recently hit the headlines for the bank’s move to a futuristic building in Geneva, with the concept of sustainability at its centre. The new headquarters are powered by geothermal technology, utilising the cooling powers of Lake Geneva to regulate office temperatures.

More controversial have been historic allegations related to anti-money laundering procedures, dating back to 2012. A bank spokesman says they are unfounded and without merit, with the bank planning to defend itself in any legal proceedings.  JM

Best Private Bank for Ultra High Net Worth Clients; Best Private Bank in Europe

The Pictet Group

Over the past year, Pictet has expanded its presence in both Europe and in its home market of Switzerland. In Europe, the bank opened new premises in Paris and completed the move of its EU headquarters from Luxembourg to Frankfurt.

In Geneva, the Campus Pictet de Rochemont, the group’s new headquarters, is scheduled for completion in the coming months, while in Zurich, a new team has been formed to serve Pictet’s Asian clients.

Last year also saw the launch of the Pictet Research Institute, which, according to Pedro Gonzalez Grau, head of Europe for Pictet Wealth Management, is aimed at “better understanding and adapting to the long-term implications of the development of the economic and market environment, to ultimately deliver the very best investment expertise to Pictet’s clients”. 

Going forward, he says Pictet will focus on providing tailored investment services not only to ultra-high net worth (UHNW) clients, but also to entrepreneurs and the “rising generation” of UHNW family members aged between 18 to 35.

“Pictet is well-placed to serve these two private client segments. As an owner-managed firm, Pictet understands entrepreneurs,” says Mr Gonzalez Grau. 

With the ninth generation of the Pictet family still active in the partnership, “there is a deep appreciation for multi-generational wealth planning and an alignment with clients’ long-term horizon,” he says.

In its long-term business growth strategy, Ambition 2030, Pictet has identified “overarching themes” that will have “a significant impact” on investors and the bank’s clients and business. 

“We are observing the rise of Asia, the growing importance of private assets, debt sustainability, cyber security, exponential productivity, instant finance, responsible capitalism and geopolitical fragmentation,” says Mr Gonzalez Grau. 

“These megatrends shape not only investment strategies for our clients but also our own strategic orientation.” HS

Best Private Bank in Africa for Family Offices; Best Private Bank in Africa for Education and Training of Private Bankers

Standard Bank

In 2024, Standard Bank increased client-facing staff by 6.4 per cent, keeping abreast of a similar rise in the number of private clients, and saw a 10.6 per cent increase in assets under management, which rose to R80bn ($4.2bn). This growth comes in the context of rising competition in private banking across the continent.

To address increasing speed of African wealth creation, Standard Bank last year expanded its family office capabilities by integrating corporate and investment banking solutions, and strengthening its network of global partnerships. 

The bank also formalised a family governance advisory model to support governance and generational continuity, establishing an Independent Family Office Investment Committee service to align complex investment strategies with the family’s overarching investment goals.

Standard Bank says it is investing in new talent and upskilling current employees. It brought together training and development at three levels — leadership, technical and behavioural — following a detailed skills audit. 

“We built ‘success profiles’ for every role in the business to understand how we want to position our skills base for the future,” says Jacques Els, head of wealth and investment South Africa, Standard Bank. 

Almost half of client-facing staff have completed the Moody’s Certified Wealth Practitioner programme. Standard Bank also launched the Wealth Adaptive Innovation Challenge to stimulate employees’ ideas around innovation and technology. JM

Best Private Bank in Africa for Impact and Sustainable Investing

iib West Africa

As a small island developing state, Cape Verde is highly vulnerable to climate change and natural catastrophes, with the World Bank warning GDP losses could reach 3.6 per cent by 2050 without adaptation measures in place.

Against this backdrop, iib West Africa has positioned itself at the forefront of impact and sustainable banking developments in the country, and across the broader west Africa region. The bank has pioneered the use of social, green and blue bonds in Cape Verde, ensuring that proceeds are directed to initiatives such as financing renewable energy, protecting marine ecosystems and supporting women entrepreneurs. 

“We ensure lasting impact by aligning each bond with measurable social and environmental outcomes,” says Joseph Carasso Junior, chief executive officer at iib West Africa.  

“Transparent reporting builds trust, while community collaboration amplifies results. Our journey shows that sustainable banking delivers greatest value when embedded in strategy, guided by clear metrics, and backed by long-term commitment,” he adds. JK

Best Private Bank in Africa for Succession Planning; Best Private Bank in Africa for Entrepreneurs

FNB Private

FNB Private implemented several strategic initiatives during 2024, aimed at improving client engagement in succession planning, increasing efficiency and enhancing customer service. Among these, the launch of an integrated digital will-drafting and planning tool has had the “most transformative impact” on the private banking business, according to Sizwe Nxedlana, CEO of FNB Private.

By embedding clients’ balance sheet data into a “dynamic dashboard”, this tool has made succession planning “more accessible and intuitive”, he says,  enabling private advisers to initiate meaningful conversations and guide clients through the process with greater ease. 

Mr Nxedlana also highlights establishment of three governance forums — the Local Trust Deal Forum, the Offshore Trust Deal Forum and the Tax Advice Approval Committee — in a bid to strengthen FNB’s ability to provide clients with complex, multi-jurisdictional advice. 

“These governance structures ensure that clients receive coordinated, expert-reviewed solutions, particularly in cross-border scenarios, enhancing trust and long-term planning outcomes,” he says.

Beyond its home market of South Africa, FNB Private has established private banking operations in Botswana and Namibia and sees “significant” growth potential in affluent markets across Africa, where rising wealth creation and entrepreneurial activity are driving demand for local private banking services.

The bank says it will be utilising its FNB Channel Islands and FNB International Trustees entities to support clients with global requirements. “These platforms enable us to offer offshore banking, international trust structuring and multi-jurisdictional estate planning,” says Mr Nxedlana.

In seeking to grow business in Africa, he cites challenges including regulatory fragmentation, political and economic volatility, low financial literacy and infrastructure gaps which can affect investor confidence and service delivery. 

In some markets, building trust in formal financial institutions requires sustained education and engagement, he adds, with these challenges also presenting opportunities to leverage “digital platforms, regional footprint, and global capabilities” to “turn complexity into competitive advantage.” HS

Best Private Bank in Africa for Customer Service; Best Private Bank in South Africa

Investec

Investec has become a firm favourite among the rich in South Africa but the bank has also been quick to try and cater to the growing number of South African expats who are taking their wealth elsewhere.

As such it prides itself in being the only financial institution in South Africa with a Swiss private bank in the corporate structure. In the final quarter of last year it also opened an office in Dubai to keep on top of the movement of people. 

“Our Swiss capabilities were instrumental in the decision to open a Dubai office in September 2024,” says the bank. 

“A growing number of South Africans are either moving to the UAE, investing in the region or expanding their businesses to take advantage of the growth in the Middle East, while Dubai is also an important gateway into Africa. Our UAE clients’ funds are managed and custodied out of Switzerland.”

Over the summer, Investec Switzerland also acquired a business from Brown Shipley that largely focuses on international high net worth southern African expats. As a result of the deal, a team, including five client advisers, will join Investec early next year.

The acquisition supports Investec’s strategy to further develop its private client offering in Switzerland, according to Shaun Karpelowsky, chief executive of Investec Switzerland, at the time.

The bank adds: “Whether our high net worth clients or their children are living, working or studying abroad, they require a service our Swiss bank is uniquely suited for, providing safe custody of their assets in an AAA jurisdiction.” CN

Best Branding in Private Banking in China; Best Private Bank in China for Education and Training of Private Bankers

ICBC Private Banking

The US may have overtaken China in terms of the number of billionaires it houses but the People’s Republic continues to be a market private banks across the world covet.

According to the Hurun Global Rich List 2025, there are 870 billionaires in the US compared to 823 in China and, although the country may have slipped down this year’s ranking, its billionaire count continues to be huge when compared to elsewhere. Indeed, the UK, which is fourth in Hurun’s list, has just 150 billionaires, while fifth-place Germany has 141.

Cracking the Chinese market in a significant way, however, has proven tricky for overseas players and so it is no surprise to see a domestic player again winning the title of best private bank in China.

ICBC puts its success down to hard work on the road, knocking on the doors of entrepreneurs and factory owners around the country. “Over the past 12 months, we have visited over 255,000 enterprises and 161,000 corporate executives to understand their full life cycle financial needs,” says a spokesperson for the bank.

The Chinese lender also says its heavy investment in artificial intelligence has made a difference and is starting to pay off for its clients, with ICBC launching an AI wealth assistant that the bank calls a “milestone”.

A spokesperson says: “In our daily work, our AI wealth assistant generates comprehensive analysis of market dynamics, regulatory shifts, product specifications and profit-loss positions for every employee that might need them. This is another innovative breakthrough for us in AI application and human-machine collaboration systems.” CN

Best Branding in Private Banking in India; Best Private Bank in India for Education and Training of Private Bankers

Axis Bank - Burgundy Private

Burgundy Private, the private banking business of India’s Axis Bank, launched a number of education and training programmes under its new Axis Affluent Academy learning platform during 2024, designed to increase knowledge and skills of its employees.

Of these, the Axis Certified Financial Expert programme, launched under the new Axis Affluent Academy learning platform, is “a cornerstone of [the bank’s] capability-building efforts”, according to Amitabh Chaudhry, MD and CEO, Axis Bank.

“The programme has had a profound impact on our business outcomes,” he says, equipping relationship managers with “deep technical knowledge across financial planning, retirement, tax and estate management.” 

As a result, he says, the bank has seen “a remarkable” 25 per cent year-on-year growth in investment assets under management and an 11 per cent increase in the deposits book.

Mr Chaudhry adds that the Elite Affluent Mastery programme, which focuses on behavioural excellence and client engagement, has been “equally impactful”. He says that through “immersive experiences” that mirror the lifestyle and interests of high net worth and ultra-high net worth clients, Burgundy Private’s relationship managers “have developed the confidence and cultural fluency to engage more meaningfully” with these clients. 

This, he says, has translated into a 65 per cent year-on-year increase in average monthly relationship manager productivity and a 21 per cent rise in Burgundy Private families investing in alternative assets since January 2025. 

To capitalise on the “growing” wealth across India, Mr Chaudhry says Burgundy Private is expanding its operations into tier 2 and tier 3 cities. 

“The core of our investment for this growth is through technology where we are equipping our client-facing teams with tools that enable them deliver instant client servicing efficiently as well as do business when at client premises,” he adds. HS

Best Chief Investment Office in Private Banking in Asia; Best Private Bank in Asia for Family Offices; Best Private Bank in Singapore

DBS Bank

The money appears to be flowing in at Singapore’s DBS. Two years after launching its multi-family office platform the bank says the offering has hit more than S$1bn ($780m) in assets under management and is on track to reach S$2bn by the end of next year.

Launched in 2023, the platform, which requires a minimum investment of S$15m per sub-fund, has enrolled more than 25 families, with the bank in talks with another 15 prospects.

Joseph Poon, group head of DBS’s private bank, says: “Our approach to wealth management is anchored by our deep experience and understanding that Asian clients’ needs very often extend beyond mere wealth services.”

And of hitting S$1bn in assets for its multi-family office platform, he adds: “This milestone underscores the strong global demand for our expertise to manage wealth via unique structures, while leveraging Singapore as a global wealth and fund management hub.”

Mr Poon suggests the region’s dynamism is pulling in wealth and capital, part of a broader economic tilt from East to West that he says the bank is well-placed to capitalise on. “The great wealth transfer wave is accelerating against a backdrop of volatility, and we see a clear opportunity to double down on our role as a bridge between Asia, the Middle East and Europe, with our dual Hong Kong and Singapore hubs.” 

In addition to focussing on these wealth corridors, he says: “We continue to push ourselves on digital innovations to ensure our clients receive our advice on a timelier and more personalised basis, without compromising on safety and trust. 

“Our ambition is clear: to further scale without compromising depth, and to keep setting the standards for what an Asia-rooted global private bank stands for, amid structural waves of volatility and change.” CN

Best Private Bank in Asia for Entrepreneurs; Best Private Bank in Hong Kong

HSBC Global Private Banking

Despite market volatility and an uncertain macro environment, HSBC Global Private Banking continued to deliver strong performance in 2024, increasing assets under management to $484bn, a rise of 8.3 per cent, and net new money by 35.3 per cent.

In 2024, the bank launched a new entrepreneurial wealth proposition in key Asian markets, starting with Hong Kong and mainland China, with plans to expand further.

“Entrepreneurs are boldly expanding their horizons internationally, with more than half exploring new residencies and nearly half planning cross-border growth, according to our latest research,” says Lok Yim, regional head of HSBC Global Private Banking, Asia-Pacific. 

Succession remains a cornerstone concern for many entrepreneurs in Asia, with 77 per cent committed to keeping their businesses within the family. 

“We see that entrepreneurs in Hong Kong, in particular, express deeper concerns about the next generation stepping up compared to their international peers,” adds Mr Yim, who took over the role officially in January 2024.

In Hong Kong, HSBC introduced the Private Wealth Entrepreneur Incubation and Innovation Exchange programmes, collaborating with its innovation banking unit to support early-stage entrepreneurs and provide exclusive access to ultra-high net worth (UHNW) clients. Its flagship programme, ‘All-in on innovation’, offers UHNW clients in Asia an immersive three-day trip to Silicon Valley, to engage with top venture capitalists and founders.

The bank has also improved its digital services, including advancements in its hybrid advisory model, e-signature feature, and Wealth Intelligence, a generative AI-powered ecosystem, for frontline staff.

In Hong Kong, it launched the HSBC Global Private Banking Debit Card, offering “worldwide acceptance with zero foreign transaction fees.” JM

Best Private Bank in India for Customer Service

HDFC Bank Ltd.

India’s private banking market is booming, thanks to rising levels of household wealth and strong economic growth. The number of ultra-high net worth individuals in the country is expected to increase by 50 per cent over the five years from 2023 to 2028, according to Knight Frank. 

Even so, the country’s private banking market remains highly competitive. In this milieu, HDFC Bank is taking steps to balance digital innovation while maintaining in-person customer relationships. 

“HDFC Bank is committed to embracing digital innovation and capacity building of relationship managers to enable and build trusted and deeper client engagements,” says Rakesh K. Singh, group head, private banking, financial institutions, international banking and banking-as-a-service at HDFC Bank.

In particular, HDFC Bank has expanded its footprint in tier 2 and tier 3 cities to reach the emerging affluent class, while boosting its alternative investment product suite. “Understanding client needs, delivering tailored investment solutions with convenience is core to our customer service strategy,” says Mr Singh. JK

Best Private Bank in Australasia for Diversity & Inclusion; Best Private Bank in New Zealand for Customer Service

ANZ Private

The Reserve Bank of New Zealand cut the country’s official cash rate six times between July 2024 and July 2025 as easing inflation and slower growth prompted a looser monetary policy stance. 

These shifts triggered a surge in client demand across the broader financial services sector, as customers looked to reposition and capitalise on the lower-rate environment.

ANZ Private responded swiftly by redeploying staff to meet heightened demand, ensuring clients continued to receive timely responses and consistent levels of service even as activity spiked. Organisational changes, including the introduction of new senior relationship manager and lending associate roles, have also boosted customer service levels in recent times. 

ANZ Private in New Zealand continues to prioritise diversity and inclusion initiatives, according to Glenn Stevenson, the bank’s general manager. 

“Our community and workforce in Aotearoa [New Zealand] is changing, which means at ANZ Private we also need to change so we stay relevant, connected, and high performing,” he says. 

In particular, ANZ Private substantially boosted the number of women in leadership roles over the course of 2024, while the pay equity gap across the broader business now favours women. Moreover, a targeted strategy to drive the greater representation of Māori and Pasifika people at the business is also bearing fruit. 

“We’ve closed our pay equity gap, improved our mix of women in leadership and implemented targeted interventions to drive greater representation of Māori and Pasifika at ANZ. We have plenty more to do, however with this acknowledgement, we are proud to be on the path to greater outcomes for all New Zealanders,” says Mr Stevenson. 

While fines for widespread misconduct were recently announced against ANZ Bank in Australia, a spokesperson for ANZ New Zealand confirmed that the management structures are separate and that this does not impact the bank’s operations in New Zealand.

Similarly, the incident concerning automated notifications about staff cuts were limited to ANZ’s Australian operations. JK

Best Private Bank in CEE for Customer Service; Best Private Bank in Hungary

OTP Private Banking

OTP Private Banking continues to quietly build assets. It may have lost a few clients along the way, with the number of customers it looks after dropping from 35,600 to 32,000 in the last 12 months, but AUM is on the rise.

The increase, however, has again been solid rather than flashy, with client assets increasing by almost €1bn ($1.15bn) to nearly €11bn. In the previous year assets grew by just shy of €1bn to €10.2bn.

Attila Bánfi, managing director of OTP Global Markets, put the increase down to technological advancements, including launch of OTP SingleMarket, its flagship “real-time investment platform.”

Improvements to wealth management technology are reducing advisory transaction time, with investment advisory services being rolled out in several countries. 

In addition, the high-end private banking services model is being improved for better servicing wealthy clients. ESG integration is being strengthened and local operations across the region are being beefed up. OTP is also preparing to enter the Uzbek market. 

“These developments support our ambition to become the leading private bank in central and eastern Europe,” says Mr Bánfi.

OTP bought a majority stake in Uzbekistan’s Ipoteka Bank two summers ago and the hope is the bank will be able to translate the gains it has made in its home country of Hungary to other markets across the world.

“Our mission is to provide state-of-the-art financial and capital market services across 11 countries, positioning ourselves as a leading financial service provider in central and eastern Europe and central Asia,” says Mr Bánfi. CN

Best Private Bank in Central and Eastern Europe 

Erste Private Banking

Best Private Bank in Austria

Erste Private Banking Austria

Best Private Bank in Romania

Erste Private Banking Romania

Private markets have captured the attention of high net worth investors around the world and this fact has not been lost on Erste Bank, with the Austrian private bank doubling down on efforts to provide inroads to the asset class for its clients.

According to a recent survey by Connection Capital, the alternative investment platform, one in four sophisticated investors is directing at least 25 per cent of their overall portfolio towards private assets.

Erste Bank’s head of private banking and wealth management Roland Jacubetz says: “We have successfully broadened access to private markets. By opening opportunities in private equity, private debt and infrastructure, we are enabling our clients to participate in areas once only reserved for institutions.” 

The reception, he says, has been “very positive, making private markets an important pillar of our advisory approach.”

The bank now points out the bank now serves 7,000 clients in Austria with assets of around €51bn ($59bn), says Mr Jacubetz, including institutional mandates, reflecting what he says is “both robust investment performance and the confidence clients place in the bank”.

Erste has also had particular joy from expanding its discretionary portfolio management offering.: 

“The strong uptake and double-digit growth of this highlight the rising relevance and trust it inspires,” believes Mr Jacubetz, drawing attention to “exclusive selection portfolios,” which combine core investments with thematic strategies, bringing institutional strategies to private clients.

But the private banking head admits there is more Erste could be doing, particularly when it comes to education. “Wealth management is not only about investments. As I often emphasise, it’s equally about foresight - preparing for unexpected liquidity events, ensuring smooth succession and engaging the next generation,” he says. 

“We are therefore strengthening our advisory and educational offering so that wealth is not only preserved but also truly understood within families.” CN

Best Private Bank in Europe for Impact and Sustainable Investing; Best Private Bank in Europe for the Next Generation

ABN AMRO Wealth Management

ABN AMRO Wealth Management has won the highly sought-after regional impact and sustainable investing award for the second year in a row. It is among the first private banks in Europe to enable clients to view the ‘sustainable footprint’ of the entire portfolio, through both internet banking and the ABN AMRO app. 

In 2024, the bank launched Trill Impact II, its first impact private equity fund with Sustainable Finance Disclosure Regulation (SFDR) 9 status, which covers products targeting bespoke sustainable investments. In addition, ABN AMRO Investment Solutions introduced three new sustainable funds.

The bank is well-positioned in relation to the growth of impact investing with its impact mandate, which includes both public and private investments. It plans to increasingly add impact funds to its investable universe to support mainstream adoption. 

“We believe that sustainable investing is the new norm,” says Alen Zeljkovic, global head of wealth management clients, ABN AMRO. “Despite the current headwinds, sustainability requires ongoing, long-term commitment. Our experts can help clients on the transition journey to ensure future resiliency.” 

Responding to the ‘great wealth transfer’ trend, in July 2024, ABN AMRO MeesPierson launched a marketing campaign targeting clients’ children for the first time, which boosted brand engagement. “We also ensure that they are served by younger bankers, so the generation gap is as small as possible,” says Mr Zeljkovic.  

In the same month, ABN AMRO completed its acquisition of BUX, a leading European neo-broker, offering digital financial services that make trading and investing accessible to a new generation of investors. JM

Best Private Bank in Europe for Innovation

CaixaBank Wealth Management

CaixaBank is seeing rapid growth in 2025 as it announces a major rebrand and restructure combining its private banking and wealth management offerings into one organisation.

The new business, called CaixaBank Wealth Management, is now managing €181.7bn ($211.7bn) of assets and has seen its client base reach more than 167,000 people — up 13 per cent and 7.3 per cent from last year, respectively. 

According to Belén Martín, head of CaixaBank Wealth Management, the bank is also seeing “strong results” following the implementation of its new Advisory GPS (Global Portfolio Strategy) service. 

Ms Martín says it is enabling “more precise financial planning”. Elsewhere, the bank is continuing to leverage artificial intelligence technology to streamline its advisory offering and broader operations. 

Despite ample progress, Ms Martín admits the bank is finding “sustaining net interest margins in a stabilised interest-rate environment” to be difficult. It is responding with “disciplined cost management, product diversification, and an increased focus on value-added advisory services”. NF

Best Private Bank in Europe for Alternatives

Union Bancaire Privée

Union Bancaire Privée, a pioneer in alternatives since 1972, continues to prioritise an area of specialisation that has defined the bank for several decades and generations.

For example, the Swiss institution set up a single fund of managed accounts with seven leading portfolio managers — with “just one layer of fees and full transparency” — for one of its institutional clients.

“There’s been a noticeable surge of interest in alternatives, from individual clients to large family offices, and clients are becoming comfortable with the allocation and expect to increase through 2026,” says Kier Boley, co-head and chief investment officer of alternative investment solutions, UBP. “We have also seen strong interest in our new evergreen platform.”

In 2024-2025, UBP’s Private Markets Group launched its formal ‘evergreen platform’, which has scaled to almost 10 per cent of PMG assets under management, which now stand at SFr125.3bn ($138.3bn), within a year. It also commenced operations with eFront, an alternative investment management platform, and rolled out UBP Connect, a platform enabling family offices to access PMG’s club deals. JM

Best Private Bank in Europe for Customer Service

BBVA Private Banking 

BBVA Private Banking has focused on extending its wealth model and specialised services to a larger, high-potential client base. This strategy resulted in increased assets under management by 18.6 per cent in 2024 to reach €140.53bn ($158.8bn), net new money by 26.4 per cent and client numbers by 38.4 per cent, with its net promoter score climbing to 88.

In 2025, it rolled out a new international private banking platform in Spain, which allows BBVA to offer investment and private banking services from other regions.

BBVA claims its “radical client perspective” strategy embeds client needs, financial health and personalised experiences into every aspect of the bank’s operations and technology. In May, it released a new version of its banking app in Spain, which uses artificial intelligence to let each customer customise their own version. 

“We are delivering a more tailored experience — offering customers exactly what they want at a suitable price,” says Olga Montañés Salcedo, vice-director, BBVA Private Banking. JM

Best Private Bank in the UK for Ultra High Net Worth Clients

Coutts & Co

Coutts has come out the other side of the ‘debanking’ scandal in 2023 with a new CEO, Emma Crystal, and its 300-year-old brand intact. In 2024, it recorded almost 20 per cent growth in assets under management, reaching £49bn ($65.5bn). 

The bank has enhanced its mobile app to bring the ‘white-glove’ experience into the digital space. New functionality, tested by its 700-strong Client Council, includes personalised home screens with marketing prompts relevant to ultra-high-net-worth clientele and a range of self-service functions, such as loan controls and account opening. 

Coutts also focused on releasing rapid content updates via the app, which has resulted in a significant increase in engagement, according to Louisa Nicholls, managing director for digital, experience and design, Coutts.

“With the tariff conversations earlier this year, for example, it was important to get thought-leadership from our chief investment officer out quickly to provide some clarity, support and reassurance to clients,” she says. JM

Best Private Banking Boutique in Europe

Brown Shipley, a Quintet Private Bank

Best Private Bank in Luxembourg

Quintet Private Bank

Collaboration has been key for Quintet Private Bank, not only in terms of its strategic partnership with BlackRock, which the bank leans on for its range of investments, but also among employees.

“We are placing greater emphasis on cultivating an even stronger client-centric culture of collaboration and knowledge sharing across the UK and the wider Quintet group,” says Robert Kitchen, CEO at Brown Shipley, which is part of Quintet. 

“We believe that connecting across functions and borders makes us stronger. By sharing insights and learning from one another, our colleagues not only achieve shared success but also develop a deeper sense of belonging — enabling us to better deliver on our promise to the families we serve.”

To evidence this Mr Kitchen says the bank has introduced a number of initiatives, including cross-functional working groups, inter-business conferences, and digital newsletters that “spotlight the behaviours and stories that foster connections and collaboration”.

And it appears to be paying off, with figures released in March showing the bank’s net profit jumped 45 per cent to €68m ($78m) for 2024 from almost €47m in 2023. Total client assets, meanwhile, stood at €100.6bn, up from €92bn at the end of 2023.

“We are proud to deliver another year of growth,” Chris Allen, group CEO, said at the time. “We will further invest this year in standardising and enhancing key processes, such as client onboarding and strategic data management, as well as staff training and long-term career development.” CN

Best Private Bank in Europe for Philanthropy Services

Indosuez Wealth Management

Indosuez says it has been at the forefront of philanthropic work in France for more than a century and a half, but 2025 is seeing it take this work to the next level.

Astrid Campistron, managing director at Indosuez’s European non-profit arm, says a new philanthropy team of wealth planning and banking experts is taking a “more expert-driven” approach to ensure its philanthropic efforts serve the needs of its customers and broader society. 

This is vital as the organisation’s foundation programme expands to countries such as Spain, Italy, Luxembourg and Belgium. It is currently working with Degroof Petercam on workplace issues in the latter country. It is also replicating the Indosuez Blue Cycle programme for preserving the world’s oceans and waterways with a similar one for health and medical research. 

Despite these great strides, Ms Campistron is concerned about issues like “climate uncertainty” and “geopolitical instability”. But she is confident that Indosuez’s relationship with Crédit Agricole Group gives it the “scale, specialist capabilities, and operational resilience” to overcome these challenges. NF

Best Private Bank in Latin America; Best Private Bank in Latin America for Succession Planning

BTG Pactual

BTG Pactual has been busy in the M&A market. Last summer the Latin American bank agreed to acquire privately owned US bank MY Safra Bank for an undisclosed price, while at the start of this year it sealed a deal to buy Julius Baer’s Brazilian domestic wealth management operations for just over $100m.

Add to that the purchase of Miami’s Greytown Advisors during the final quarter of last year, which came with $1bn in assets under management, and it is safe to say it has been an active period for the bank.

Bedding in those acquisitions is now key, according to Rogerio Pessoa, partner and head of BTG Pactual Wealth Management. He says: “Over the past 12 months, we combined solid financial results with decisive strategic moves.” 

These included achieving 26.4 per cent growth in assets under management and a 22.9 per cent increase in revenues, supported by strong net new money.

The acquisitions of Greytown Advisors and MY Safra expanded presence in North America  “and reinforced our role as a regional hub for Latin American ultra-high net worth clients,” says Mr Pessoa. In Brazil, integrating Julius Baer’s family office positioned the bank as the country’s largest multi-family office, he says.

The next stage of growth involves completing the integration of MY Safra, to help ensuring what the bank describes as a “seamless client experience across jurisdictions.” 

“We are also focused on scaling our digital platforms without losing the personalisation that high net worth and ultra-high net worth clients expect,” says Mr Pessoa, who also aims to translate his ESG strategy into “broader, measurable impacts”. CN

Best Private Bank in Latin America for the Next Generation

Bradesco Global Private Bank

This year is turning out to be a one of significant growth and milestones for Bradesco Global Private Bank.

Headquartered in São Paulo, Brazil, the bank now operates in 600 municipalities across the country. According to its director, Leandro Karam, this means it can “deliver innovative financial solutions tailored to diverse local markets”.

Bradesco is now offering a new product called the Partners Group Global Value BRL fund. Described by Mr Karam as the “first-ever evergreen global private equity fund with currency hedging available in Brazil”, it offers investors based in the country “a globally consolidated private equity strategy” on which they can rely for “continuous investment” with “built-in currency protection” to mitigate financial risk. 

Despite these achievements, Mr Karam admits that providing “a compelling value proposition to the next generation of investors” is a recurring challenge for the bank. So, it has improved its wealth planning offering so that it is “highly personalised” for each family’s “individual goals, interests, and legacy priorities”, he explains. NF

Best Private Bank in Latin America for Wealthy Women

Banco do Brasil Private

Women with high purchasing power and major business roles still face complex challenges that go beyond financial management, such as balancing personal and professional life, leadership stereotypes and gaps in institutional support.

Banco do Brasil Private’s focus on supporting women managers and entrepreneurs helped it scoop the regional award for the second year running. Through specific initiatives, such as the Generations and Wholesale Partnership programmes, it offers mentoring, masterclasses, and content focused on “succession, innovation and global planning.” In 2024, the Generations programme reached the milestone of 600 active members, doubling year on year.

“We promoted transformative experiences — ranging from meetings with market-leading figures like Chieko Aoki and Rachel Maia to technical training on offshore investments and succession planning,” says Karen Ferreira, strategic unit executive manager, at Banco do Brasil Private.  

The bank also expanded engagement with agribusiness entrepreneurs, addressing succession planning, sustainable livestock and the use of social networks in agribusiness. JM

Best Private Bank in Latin America for Alternatives; Best Private Bank in Chile

Larrain Vial S.A. Corredora de Bolsa 

You have to go back 12 years to 2013 to find a time when Larraín Vial Corredora de Bolsa did not take the crown as Chile’s best private bank. 

All those years ago the prize went to Banchile Wealth Management but every year since the new title holder has cleaned up. But that does not mean the firm thinks there are no improvements to be made or enhancements to carry out. 

“We continue to improve our service models for the different customer segments we have,” says Gonzalo Cordova, CEO of wealth management at Larraín Vial Corredora de Bolsa.

“We have been incorporating digitalisation into key processes that help us scale the business in terms of the number of clients and the assets advised. Additionally, everything related to client communication, invitations to events, or other loyalty activities, we have been able to execute with much better success due to improvements in our data source, information quality, and processing.”

And it has done this while there are problems elsewhere in the group, with Chile’s financial regulator sanctioning Larraín Vial Activos Administradora General de Fondos and its former general manager, Claudio Yáñez Fregonara, for “inducing investors to purchase Series B shares…through deception”.

Mr Cordova says: “I would like to make very clear that Larraín Vial Corredora de Bolsa, the company of which I am manager and director, has not been subject to any fines or sanctions by the Chilean regulator or any other authority. We remain the leading company in Chile and Latin America.” CN

Best Private Bank in Latin America for Customer Service; Best Private Bank in Brazil

Itaú Private Bank

Private banking clients in Brazil and Latin America have had to navigate macroeconomic and market uncertainty over the past year. “High inflation, fluctuating growth, frequent changes in tax and fiscal policies, and market volatility have raised concerns regarding wealth preservation and succession,” says Fernando Beyruti, global head of Itaú Private Bank. 

“There’s a growing interest in international investment diversification. Additionally, family and wealth structures are becoming increasingly complex, making succession planning and family governance more important than ever,” he adds.

Addressing these challenges, the bank’s product teams have developed and structured innovative cross-border credit solutions and differentiated investment products in partnership with Itaú Asset, Kinea and other market players. In addition, partnerships with international platforms, such as Avenue and Brown Advisory, have made global investments more accessible.

Itaú has enhanced its digital tools, such as the Integrated Portfolio Report, developed in partnership with a global portfolio consolidator partner, and ebanking platforms, which provide more secure, personalised and global banking experiences.

Picking up the country award for the second year in a row, Itaú Private Bank reported a 15 per cent increase in assets under management in 2024 to reach R$926bn ($185bn), with net new money growing by 16.6 per cent and the number of private clients up 3.9 per cent.

Changing domestic tax and fiscal policies have sparked significant concerns about the perpetuation of family wealth. The wealth planning team has provided guidance to more than 7,000 families at more than 270 in-person and online events, to share knowledge about the tax implications of their financial decisions.

In 2024, the bank pioneered the development of credit products in Brazil for high-income clients, creating products for financing renovations, construction and aircraft acquisitions among other enterprises. On the banking advisory side, it offered a curated selection of the best products in credit cards and life, home and auto insurance, composing a “beyond banking” ecosystem. JM

Best Private Bank in Latin America for Diversity & Inclusion

Banco de Chile

In August this year, Chile took a decisive step toward gender parity in corporate leadership, approving new legislation that will gradually require listed companies to balance the composition of their boards. The move is part of a broader push to promote diversity and inclusion across the country’s private sector.

Banco de Chile is already ahead of this shift, with an internal diversity and inclusion agenda featuring s a mix of governance and talent initiatives, positioning it among the region’s leading institutions in this area. As the bank’s client base becomes increasingly diverse, these internal commitments also support its goal of serving a wider range of financial needs. 

Notably, Banco de Chile’s inclusion, non-discrimination and respect for diversity policy focuses on work life balance, gender equality, fair treatment and human rights. Meanwhile, in 2024, it launched its sixth consecutive inclusive internship programme, and fourth consecutive survey on labour diversity, together with inclusive culture talks across the business. JK

Best Private Bank in North America for Family Offices

PNC Private Bank

Family offices are increasingly looking to outsource operations to manage costs, staffing and expertise. In response, PNC Private Bank recently launched a family office platform to help clients manage banking, investments and reporting in one place. 

“It includes investment, custody and banking support, plus reporting and risk management, helping families streamline operations and reduce overhead,” says Joe Quinan, head of PNC Private Bank Family Office Services (FOS).

The platform also offers secure self-service, domestic wire transfer capabilities for deposit accounts with customised controls, and approval limits for entry and approval workflows.

In addition, the bank rolled out data aggregation and reporting capabilities, in a partnership with Clearwater Analytics, for PNC investment accounts as well as outside custodians and managers, including private equity holdings and capital call management. The reporting consolidates information on complex assets and account structures and calculates performance measurement and attribution.

The bank expanded its FOS team with three new members in 2024. JM

Best Private Bank in North America for the Next Generation

Bank of America Private Bank

Over the next 25 years, the largest intergenerational handover of assets in history, known as the ‘great wealth transfer’, could see up to $124tn dollars passed between generations around the world, according to research from Cerulli Associates. 

To meet this moment, Bank of America Private Bank has expanded its ‘next-gen’ programme through summits and regional events, new educational resources on philanthropy, sustainable investing and tailored life-stage guidance. In addition, it has also introduced a dedicated next-gen adviser role and an invitation-only community for younger clients.

“Our research shows next-gen clients differ from older generations in their purpose and passion for their wealth, from how they invest to how they give,” says Anita Saggurti, next-gen strategy executive at Bank of America Private Bank. 

“We’re committed to delivering products and solutions that align with the next generation of clients’ evolving goals while helping these families navigate the complexities that come with generational wealth transfer,” she adds. JK

Best Private Bank in North America for Alternatives; Best Private Bank in North America for Entrepreneurs; Best Private Bank in the US

Northern Trust

Private equity is the most popular alternative investment among clients of Northern Trust, with its appeal lying in the “ability to capture outsized returns” during companies’ most value-accretive growth phases, according to Jason Tyler, president, wealth management at the Chicago-based private bank. 

“This opportunity has only expanded as businesses stay private much longer,” he adds.

Mr Tyler says Northern Trust’s clients are increasingly drawn to top-performing buyout funds, which offer access to “high quality businesses”. Growth and venture capital funds are also sought after for their potential to deliver higher returns and exposure to innovation.

Additionally, he says, secondaries funds appeal to newer investors by offering shorter J-curves as well as embedded discounts that provide attractive entry points into alternative assets.

Private credit is “rapidly emerging” as a complement to private equity and traditional fixed income for Northern Trust’s clients.

“[It] appeals to clients seeking predictable income and faster deployment of capital. In drawdown structures, the shorter investment periods relative to private equity provide clients with greater flexibility in managing liquidity and capital commitments,” Mr Tyler says. “Additionally, evergreen structures, with straightforward 1099 reporting, make it especially attractive for those new to alternatives.”

Pointing to “a shift in the alternatives conversation” from product sales to strategic advisory, he says Northern Trust is seeing an influx of clients, including family offices, asking not just what to buy, but what to do with what they already own.

“With fewer exits and muted realisations in recent quarters, investors are looking for more than access — they want portfolio-level advice on how to rebalance, restructure and right-size their exposure,” he says.

Mr Tyler adds that Northern Trust is also working with its private market sponsors to support their funds with liquidity and balance-sheet strategies, “while serving their founders and principals who will become the next generation of ultra-high net worth clients”.

“That’s a deliberate strategy to align with where the future of wealth is being created,” he says. HS

Best Private Bank in North America for Customer Service

Fifth Third Private Bank

For the second year running, Fifth Third Private Bank has landed the North American regional award for customer service. While the bank’s net promoter score dropped one point in 2024 to 75, nine out of 10 clients gave top ratings to their primary contact. Notably, its effectiveness in problem resolution improved by 2 per cent, to 83 per cent. It also increased assets under management by 14 per cent, to reach $41.6bn.

“Our success is built on three core tenets: a deep understanding of client needs, providing proactive guidance, and equipping clients with the clarity and confidence they need to make informed decisions,” says Cary Putrino, interim private bank managing director and region chairman for North Florida, Fifth Third.

Recently, the bank implemented training for regional teams to ensure that its value proposition is articulated consistently. It is currently rolling out a new service model to increase efficiency and create capacity for teams to spend more time with clients. JM

Best Private Bank in North America for Wealthy Women; Best Private Bank in Mexico

Scotia Wealth Management

Scotia Wealth Management (SWM) has cemented its dominance in serving wealthy women in North America, picking up the award for the third year in a row after it received the global honour in 2022.

Over the review period, the team has expanded the Scotiabank Women Initiative, which was launched in 2018 to help women and non-binary people across Canada grow their businesses, careers and investments. The programme provides equitable access to financial solutions, education, mentorship and women-centric advisory services. 

“We have built great momentum with the Scotiabank Women Initiative and [next year] we want to expand the reach to engage more advisers across the bank’s geographic footprint and diverse business lines,” says Jacqui Allard, group head, global wealth management, Scotiabank. 

In 2024, the bank launched the next evolution of its strategy to help wealthy women make the most of increasing life expectancies, such as providing advice on healthcare-related services and research through resources and partnerships.

SWM also bested its peers in the highly competitive Mexican market. Earlier this year, it relaunched private banking to enhance its high net worth client service model. 

Wealth clients in Mexico are currently facing heightened geopolitical uncertainty, market volatility and constrained domestic investment opportunities. In response, SWM is enriching its onshore and offshore client experience, as well as bringing its global capabilities closer to clients. 

“From our booking points in Toronto, Bahamas and Cayman, we provide Mexican clients with a comprehensive offer for investing, lending, estate planning and family governance,” says Raquel Costa, senior vice-president, international wealth management, Scotiabank. JM

Best Private Bank in the Middle East

Julius Baer

Last year, the Julius Baer celebrated its 20-year anniversary in the Dubai International Financial Centre (DIFC) and became the first wealth manager to be licensed for crypto custody in the DIFC. This year it launched an Islamic finance window to advise on sharia-compliant investments.

The Zurich-based private bank has taken home the regional award for the Middle East for an impressive fifth year in a row and has earmarked the area for expansion, while things have been more challenging in its Swiss home market.

In 2024, Julius Baer opened a new office in the Bahrain World Trade Centre, leveraging its proximity to Saudi Arabia. While it closed its office in Qatar this year, it plans to open an Abu Dhabi hub in 2026.

“Our intention to open an office in Abu Dhabi sends a strong signal, as it is a dynamic and growing market within the UAE. This underlines our focus on growth, commitment to clients and intention to further strengthen our position in the region,” says Regis Burger, head of Middle East and Africa, Julius Baer. JM

Best Private Bank in the Middle East for Growth Strategy

First Abu Dhabi Private Banking

First Abu Dhabi is enjoying a period of high growth owing to its diverse approach to private banking.

Cementing its status as the largest bank in the United Arab Emirates, First Abu Dhabi is now responsible for managing $354bn of assets across five continents.

According to the bank, its recent success comes down to its ongoing diversity initiatives. For example, the company now offers products that align with ESG goals and that comply with sharia law. In fact, it now operates UK-based Islamic lending operations.

A series of new partnerships is also fuelling growth at the bank. For instance, it has teamed up with Gilded to enable clients to purchase physical gold. As the bank continues to expand its digital offering, it is mitigating data leaks through a new data governance strategy. 

Its focus for 2025 has been expansion across the Middle East and north African region, as well as into key Asian markets, bolstering its family office offering, and exploring new partnerships linked to asset management and private banking. NF

Best Private Bank in the Middle East for Islamic Services

Kuwait Finance House

Best Private Bank in Bahrain

KFH Bahrain

Islamic banking giant Kuwait Finance House (KFH) completed its merger with Ahli United Bank (AUB) of Kuwait in February 2024, following the landmark cross-border acquisition of Bahrain-based AUB in 2022, recently renamed KFH-Bahrain. 

“The rebranding unifies the global brand under one identity, creating synergies across the international network while positioning KFH as a truly integrated Islamic banking group,” says Hamad Mohammed Alghannam, general manager, private banking and wealth management, KFH.

To ensure private banking clients and prospects are regularly informed on global markets and the associated sharia considerations, earlier this year KFH launched its quarterly Wealth Insights publication, and recently recorded its first investment podcast. 

During the review period, KFH Private also launched sharia-screening capabilities in the UK to support custody and brokerage services, and a capital-protected, structured product called Nama’a in Bahrain.

In 2024, KFH Private increased its assets under management by 46 per cent and net new money by 17 per cent. JM

Best Private Bank in the Middle East for Customer Service; Best Private Bank in Oman

Bank Muscat

Oman has been busy trying to attract a fresh crop of wealthy individuals to the country and this should pay further dividends for Bank Muscat, the country’s biggest lender.

At the end of August Oman launched a “golden visa” programme, joining a race among countries in the Gulf region to try and attract rich expats.

As part of the country’s “Vision 2040” strategy, which was set up in a bid to diversify Oman’s finances away from oil, authorities unveiled two long‑term residency programmes, a five-year initiative and a 10-year one.

To qualify for the 10-year residency expats must make an investment of at least OR500,000 ($1.3m) through a company, government bonds or real estate. Applicants may also qualify by creating a business employing 50 Omani nationals.

Whether or not this pulls significantly more high net worth individuals into Oman remains to be seen but if it does, Bank Muscat stands to benefit after already posting healthy financial results for the first half of this year.

Indeed, the bank notched up a 12 per cent jump in net profit for the first half of 2025 to OR125.8m compared to the same period in 2024 as both interest income and non-interest incomes rose. Operating profit rose 10 per cent to OR180.2m.

Chairman Sheikh Khalid bin Mustahail Al Mashani says: “Continuous development and progress remain a pivotal focus for Bank Muscat, striving for excellence. Our investment funds continue to excel and stand out in the market.” CN

Best Private Bank in the Nordics; Best Private Bank in Finland; Best Private Bank in Norway

Nordea Bank Abp

ESG considerations are touted as “central” to Nordea Bank Abp’s business development and growth, reflecting the fact that sustainability is “a core value” in the Nordic countries, according to Martin Persson, the institution’s head of asset and wealth management and member of the group leadership team.

“Climate action, gender equality and high governance standards are deeply rooted in our societies,” he says, adding that ESG factors are integral to Nordea Bank Abp’s value proposition, assessed in its credit and investment processes and linked to variable pay. 

“Our biggest impact comes through customer activity, including financing, lending and active ownership in companies we invest in. We [are] using our position as a large investor to influence the sustainability agenda of many companies and providing sustainable financing.”

This has surpassed its target to exceed €200bn ($230bn) for 2022–2025 ahead of schedule. “These ambitions are important to our private banking clients, especially young entrepreneurs and family offices, who want their portfolios to reflect their values,” adds Mr Persson.

While institutional clients continue to show interest in ESG investing, private clients’ interest is “more varied”, he admits. 

Geopolitical instability has overshadowed climate challenges, prompting private clients to invest in funds like Nordea Asset Management’s Empower Europe Fund, which has attracted €225m since its launch in June this year. The fund invests in European companies focused on energy resilience, industrial transformation, defence and cyber security.

“Despite this, the growing climate challenges make us confident that investor interest [in ESG] will return,” says Mr Persson.

Going forward, he aims to strengthen the bank’s position in Nordic retail, the small and medium-sized enterprises business banking segment and corporate banking, as well as in asset and wealth management. 

He singles out Norway and Sweden as two markets with “significant growth potential” within all segments and says the acquisition of Danske Bank’s Norwegian private banking business, which was completed in November 2024, “has strengthened our position in the market and offered us a good competitive position”. 

The bank’s focus will remain on its four Nordic home markets, says Mr Persson, explaining that its priority is on “enhancing the customer experience, including building an award-winning digital front-end, driving profitable growth, and improving operational and capital efficiencies”. HS

Best Private Bank in the Nordics for Family Offices; Best Private Bank in the Nordics for Philanthropy Services; Best Private Bank in Sweden

SEB

SEB rolled out a raft of new initiatives in 2024, aimed at offering clients more alternative asset classes and improving customer service.

“The introduction of a client team model with clearly defined, professionalised roles has enhanced service quality and accountability, ensuring that clients receive coordinated expertise across investment, financing, wealth planning and a range of non-financial services such as family law and declaration services,” says William Paus, executive vice-president, head of SEB’s wealth and asset management division.

The Swedish-based private bank also teamed up with Nordic and global asset managers to provide its clients with access to a wider range of private markets investment opportunities in areas such as private equity, infrastructure and alternative diversifiers. 

“We co-created a number of semi-liquid private market products and made them available to a broad range of clients,” Mr Paus says.

Private equity remains the most sought-after alternative asset class among SEB’s Nordic clients, while private debt and infrastructure are becoming increasingly popular.

Mr Paus adds that non-traditional exposures, such as art and music rights, are gaining traction among clients seeking differentiated portfolios. 

“During 2024, we brought an interesting art fund to selected clients in our home markets,” he says.

Sweden “remains central” to SEB’s growth strategy, with Mr Paus pointing to “continued” growth in the mass-affluent and private wealth segments, including the “strategic up-tiering” of retail clients through “enhanced” advisory and digital services.

Beyond its home market, SEB sees “significant potential” across Northern Europe, particularly in high-end wealth management and among professional family offices. 

The latter segment has grown the number of clients across the bank’s home markets “at a compound annual growth rate of 34 per cent over the past three years,” reflecting rising demand for an institutional full-service offering, claims Mr Pau.

International expansion is a key focus, with Luxembourg serving as a centralised hub alongside offices in Zurich, Nice, London and Singapore.

Last year, SEB launched its new 1856 Family Office service company to offer administrative and other non-financial services as well as office space to family offices in Sweden and Switzerland. 

The bank is also investing in digital tools, aimed at improving efficiency and client experience.

Key challenges, Mr Paus says, include navigating competitive markets, scaling digital transformation, maintaining regulatory discipline across geographies, and attracting and retaining top talent in a rapidly evolving industry. HS

Best Private Bank in Andorra

Creand Crèdit Andorrà

Creand is currently embarking on an ambitious digital transformation drive as it looks to deliver the best possible customer experience.

The Andorra-based banking group is now offering several new digital products, most notably a mobile banking app with support for Apple and Google Pay and built-in crypto trading. To mitigate the security and privacy risks of crypto, the bank is working closely with Spanish digital assets company Onyze. 

Another recent development is the ability of new Creand customers to sign up for the bank digitally, rather than visiting a physical bank. 

Meanwhile, existing customers can now verify large transactions digitally. The bank also continues to provide clients with open banking support for third-party financial data integration. 

Internally, Creand employees are increasingly using machine learning and big data to better understand and cater to the fast-changing needs of customers.

Xavier Cornella, CEO of Creand, says this digital transformation drive is allowing the bank to “deliver more personalised services” and “increase team efficiency and productivity”. NF

Best Private Bank in Australia

Westpac Private Bank

Australia’s population of high net worth investors is expanding steadily, with the country among a select group of jurisdictions that has continued to attract new millionaires over the past two years, according to the latest Henley Private Wealth Migration Report. 

Many of these investors are increasingly diversifying into private markets and seeking more sophisticated, globally oriented investment opportunities, in a country where private banking penetration remains low relative to advanced economy peers. 

Westpac Private Bank believes it is well placed to capitalise on these trends thanks to its Global Investment Services platform, designed for self-directed wholesale clients seeking institutional grade investment access and insight. 

The bank claims the platform combines thematic-led investment ideas, cross-market trading capabilities and curated global opportunities, typically reserved for institutional investors.

Clients may also beneafit from market insights, research and access to investment opportunities across Australia, the US and Europe, reflecting the global reach expected in Australia’s private wealth market. JK

Best Private Bank in Belgium

KBC Private Banking

KBC Private Banking has picked up the country award for Belgium for the second year in a row, with assets under management rising to €83bn ($86bn) in 2024, a rise of 13.1 per cent. 

The bank has taken an “augmented human-high touch” approach, for example its STP digital investment advice. “Our digital advice helps us deliver personalised advice to many customers simultaneously, independent of the number of private bankers. This ensures timely advice and results for our clients,” says Achille Boeyé, marketing manager at KBC Private Banking. 

The digitalisation programme has allowed the bank to shift 96 colleagues from back-office administration jobs to personal assistant advisory roles.

The KBC Mobile app now provides extra portfolio reporting, and its virtual assistant Kate responds reactively to questions on financial planning and confirms private banking customers’ orders. 

The bank also launched My Gallery on the KBC Mobile app where customers can list valuable objects and their documents. This is the first KBC application based on a blockchain platform. JM

Best Private Bank in Bermuda

Butterfield

Collaboration between cross-disciplinary teams is keeping private bank Butterfield at the top of its game in Bermuda.

Private bankers, the direct link between the bank and its customers, are only able to deliver a highly personalised experience for clients that aligns with their goals as they are in regular correspondence with other specialists throughout the company.

For example, if a client is keen to expand their investment portfolio, their private banker will take the time to understand their aims and risk tolerance. They will then see what is feasible by working with a member of Butterfield’s dedicated asset management team.

Similarly, when clients want to set up a trust to secure their family’s legacy, their private banker will seek advice from Butterfield’s trust specialists. Clients’ own legal representatives are also included in the process for added transparency.

Nir Sadeh, head of private banking at Butterfield Bermuda, tells PWM that the bank intends to keep “deepening client relationships and continuing to invest in our digital capabilities” in the foreseeable future. NF

Best Private Bank in Bulgaria

UniCredit Bulgaria

UniCredit Bulgaria (UCB) has retained its leading position in Bulgaria for the second year running. It grew its customer base by 18.9 per cent and assets under management by 10.2 per cent to reach Lv2.9bn ($1.5bn), despite operating in a domestic environment characterised by close to zero interest rates on deposits. 

The bank is addressing the “great wealth transfer” by proactively engaging with successors and investing time in understanding their needs, according to Darin Peshev, head of private banking, UCB. 

“We have strategically positioned our service model around families and future inheritors. This approach fosters enduring relationships that remain resilient amid evolving market conditions and continue to thrive across generations,” he adds. The bank is proud to be serving the third generation of private banking clients.

UCB’s onemarkets fund, offering best-in-class strategies from leading global asset managers, has increased customers’ mutual fund investments by more than 60 per cent year on year and unit-linked insurance plans by 10.1 per cent. JM

Best Private Bank in Canada

RBC Wealth Management

The past 18 months have been marked by volatility and shifting opportunities for Canada’s high net worth families. While stronger market performance has lifted sentiment, with the TSX recently hitting all-time highs, the weaker domestic economic outlook continues to shape investment decisions, reinforcing the importance of diversification and long-term planning.

In Canada, RBC Wealth Management has expanded its services for family offices to meet these evolving needs. By integrating tax, legal and investment expertise, the model offers a single point of coordination for complex wealth strategies, helping families navigate succession, governance and philanthropic objectives alongside portfolio management. Services include investment solutions to estate, trust and retirement planning, reflecting the broad needs across generations.

“RBC Family Office Services are transforming how Canadian high net worth families experience wealth management,” claims Sarah Adams, vice-president, RBC Private Banking. “By bringing together expert advice, personalised strategies, and multi-generational planning, families are engaging more deeply and achieving stronger outcomes.”  JK

Best Private Bank in China

China Merchants Bank

China’s wealth management market continues to expand rapidly, against a backdrop of volatile stockmarkets, uneven domestic demand, tighter regulations and ongoing geopolitical uncertainty. 

In particular, surging high net worth wealth and intergenerational transfers are pushing families to seek more comprehensive planning in today’s market. 

China Merchants Bank Private Banking has responded with heavy investment in digital transformation, using AI, big data and cloud platforms to enhance efficiency for back-office functions and client engagement. Its platform offers both domestic and international investment options, supported by regulated channels for overseas investment and offshore subsidiaries, including in Hong Kong. 

At the core of its model is a “1+N” approach, combining a senior private banking manager with a team of expert advisers across tax, legal and investment domains, which the banks says are aligned through a four-step process of listening, proposing, implementing and tracking client strategies. JK

Best Private Bank in Colombia

Grupo Bancolombia

Grupo Cibest, the recently constituted parent of Bancolombia and its regional subsidiaries, continues to strengthen its private banking business, building on its established presence in Colombia and its growing international proposition. 

However, this comes against a difficult political and economic backdrop, while agile digital competitors in Colombia continue to increase competition for new clients.

Nevertheless, Grupo Cibest claims to be innovating at pace, offering clients secure access to their portfolios and transactions through different digital platforms, including mobile apps and web-based services. 

These channels, it says, allow clients to consult investments, manage movements across local and international accounts, and benefit from enhanced security features.

“At Grupo Cibest, we promote technological innovation to strengthen our interaction with clients. We continuously improve digital services, offering a comprehensive value proposition with deep customer insight and a robust international offering that adapts to their needs and facilitates a superior experience for our clients,” says Jorge Alberto Arango Espinosa, vice-president of investments at Grupo Cibest. JK

Best Private Bank in the Czech Republic

CSOB Private Banking

Prague-based CSOB says it is seeing huge returns from the increased digitalisation of its internal processes. 

Its relationship managers (RMs) are now working “11.3 per cent faster” thanks to the rollout of an artificial intelligence-powered virtual assistant, customer relationship management system and tablet computers. 

As of this year, they can also now sign documents digitally — a move that promises to increase efficiencies even further and slash costs.

This rollout of new ways of working can be overwhelming for some employees, which is why the bank is doubling down on employee training. 

Pavel Tichy, head of wealth office at CSOB Private Banking, confirms the bank has also addressed “minor bugs” impacting the tech stack. 

More changes are afoot at the bank that will impact how RMs work. Mr Tichy says it plans to “streamline” its client-facing “investment advisory” so that RMs are less involved in “initial communication of a product”, allowing them to dedicate more time to strategic tasks. NF 

Best Private Bank in Denmark

Nykredit Private Banking

The Danish economy has been in rude health for much of the past 18 months, with solid growth underscored by strong exports and a buoyant labour market, even as trade tensions and geopolitical volatility weigh on the outlook. 

Nykredit Private Banking says it continues to play a notable role in Denmark’s ongoing development, by offering tailored solutions and guidance that enable clients to align their investments with sustainable national development.

Beyond these solutions, Nykredit Private Banking is also boosting its services for ultra-high net worth families, through the 2024 launch of a dedicated Family Office Unit, offering a range of personalised and “holistic” services.

“Our focus on the family office is a direct extension of our previous strategy of being close to our customers and building our business on long-term relationships,” says Lene Qvist, director for Nykredit Private Banking. “This has already led to stronger relationships and higher engagement, as our clients experience a more tailored and targeted service.” JK

Best Private Bank in the Dominican Republic

Banco Popular Dominicano

Digital innovation is a core focus and growth enabler at the Dominican Republic’s biggest private bank, Banco Popular Dominicano.

It is now offering a digital debit card, higher online credit spending limits, a digital onboarding process for credit customers and a new internet banking platform designed to be easier to use with new tools for managing one’s finances. 

The bank also provides individual apps for specific customers and purposes, such as entrepreneurs, young people, online payments, mobile users and online banking. Internally, employees also have access to an artificial intelligence assistant that addresses IT problems and automates enquiries. 

Christopher Paniagua, chief executive officer of Banco Popular Dominicano, says this digital ecosystem is increasing the “bank’s reach” and allowing it to cater to “underserved or underbanked communities”. NF

Best Private Bank in Georgia

Bank of Georgia

The Bank of Georgia sees itself as a “gateway” for foreign investors into the region.

It is seeing custom from new clients across Europe, the Middle East and Asia. And its premium SOLO banking service, which offers a concierge-like experience, is now being used by 2,175 international customers.

The bank now has an international team of relationship managers working to “enhance cross-border services”, explains Teona Beria, head of wealth management.

Eyeing up international expansion, Bank of Georgia is currently exploring partnership opportunities in eastern Europe, western Asia and central Asia. Ms Beria hopes this will make the bank “the bridge for international capital flows into the region”.

The bank understands, however, that many affluent customers will expect a highly tailored experience. So, it will also be taking steps to “optimise processes to deliver even more personalised products and services”. NF

Best Private Bank in Greece

Alpha Bank

Greece’s Alpha Bank is expanding its European presence to attract the custom of the continent’s wealthiest.

Through a new ‘hub-and-spoke’ operating model, it is pressing ahead with plans for a Luxembourg subsidiary to function as its “strategic EU gateway” and offer a complete range of private banking services.

George Michalopoulos, chief wealth management officer at Alpha Bank, also confirms changes are underway at the bank’s Cyprus office to provide “tailored wealth solutions” to domestic and global customers. Soon, it could cater to Asian “affiliated or emerging markets”. 

Mr Michalopoulos says this model makes Alpha Banks’ international operations more flexible, more scalable and more aligned with regulatory and customer expectations, which are increasingly influenced by technology.

In fact, 70 per cent of its customers now use an e-consent feature to approve transactions digitally. The rollout of such features is instrumental in ensuring the bank can “fully meet evolving customer needs”, which Mr Michalopoulos admits has historically been a challenge. NF

Best Private Bank in India

Kotak Mahindra Bank Ltd.

In addition to celebrating its 20-year anniversary in 2024, Kotak Private Banking (KPB) surpassed $100bn in assets under management (AuM) last year. Its success is built on leveraging internal systems and client references to boost client acquisition, digital innovation, offshore endeavours and expanding family office services.

KPB’s transition to an annuity business model was a key development over the review period. Despite the transition, however, it remains focused on AuM and client acquisition, which continue to drive its growth.

Its offshore strategy includes creating new platforms, fund structures, as well as partnerships with artificial intelligence platforms and private banks offshore, to manage and meet the diverse needs of clients in offshore jurisdictions.

In addition, it is tapping into the growing wealth trend in the domestic market. “We are deepening our presence across Tier 2 and Tier 3 cities, where a quiet yet powerful wave of emerging wealth creation is reshaping India’s economic landscape,” says Vodhi Chakravartty, head of strategy, KPB. JM

Best Private Bank in Italy

Banca Generali

Last year marked the culmination of Banca Generali’s three-year business plan which saw total assets grow to €103.8bn ($108.1bn), exceeding a strategic target of €100bn set in 2022. 

The Italian private bank launched a number of new initiatives in 2024 aimed at providing clients with a broader and more specialised service.

One such initiative was the takeover of investment bank Intermonte SIM, a development hailed as “truly transformative” by Gian Maria Mossa, CEO and general manager of Banca Generali. He says the acquisition has opened up further opportunities for the bank to service its entrepreneur and corporate client base.

“The experience and expertise that Intermonte brings in investment banking and corporate advisory have indeed strengthened a priority development area for entrepreneur clients. With the expansion of dedicated services thanks to Intermonte’s expertise, Banca Generali further consolidates the trust-based relationship with these clients, built by the professionalism of our private bankers,” he says.

Mr Mossa notes that the integration of Intermonte also allows for internalising its trading and derivatives activities. “The  excellence characteristics in its areas of activity — negotiation and trading, global markets, investment banking, and digital division and advisory and research — are complementary and synergistic with Banca Generali’s activities and private positioning, especially with its close ties to entrepreneurs and small and medium-sized enterprises,” he adds. HS

Best Private Bank in Korea

Hana Bank

In December 2024, South Korea was officially designated a “super-aged” society, according to a United Nations classification, with the number of people aged 65 or older accounting for 20 per cent of the country’s population. 

For Hana Bank, this demographic situation offers a mix of challenges and opportunities. 

“In response to changes in the market environment and the growth of Korea’s senior market, Hana Bank has entered the post-retirement wealth management space. The bank has sought to encompass families and the next generation, while continuing to build customer-centred, comprehensive wealth management solutions,” says Young Hun Kim, deputy president and wealth management group head at Hana Bank. 

In particular, in October 2024 Hana Bank launched ‘Hana the Next’, a new brand for mass affluent and senior customers, which integrates banking, securities and insurance services to support the retirement process for the senior generation. Clients also benefit from non-financial offerings, including inheritance and health management solutions. JK

Best Private Bank in Kuwait

NBK Wealth

In 2024, NBK Wealth rolled out its Generation W programme, a bespoke educational initiative, with modules, mentorship opportunities and interactive workshops, to guide next-generation clients through intergenerational wealth transfer and legacy planning. It also launched the NBK Wealth Insights Forum, a platform for clients to connect with industry leaders and global experts on market trends and investment opportunities.

The implementation of its client-centric service model is considered the bank’s foremost achievement in the past year, according to Fadi Choueiry, chief of private banking — Kuwait, NBK Wealth.

“We believe in providing a tailor-made experience for every client, understanding that their financial journey is as unique as they are. This personal approach, combined with our deep market expertise, has allowed us to serve as a reliable and trusted partner for generations,” he says.

In the coming year, NBK Wealth plans to focus on broadening its advisory to include a wider range of tailored solutions for clients’ increasing global interests. JM

Best Private Bank in Malaysia 

Maybank Private

Maybank Private has won the country award for the second year in a row, increasing assets under management by 19.4 per cent to reach RM23.4bn ($5.5bn) and private clients by 7.3 per cent in the face of a tightening regulatory environment. 

Flexing its innovation muscle, the bank pioneered Malaysia’s first pilot single family office (SFO) under the national SFO framework in Forest City’s Special Financial Zone. Working closely with regulators, its model supports bespoke investment, legacy planning and tax-efficient structuring.

“This reflects how Maybank Private Wealth continues to evolve — building holistic ecosystems through our four-pillar framework that enable clients to build, protect, and preserve wealth and values across generations,” says Lim Eng Ping, head of wealth management Malaysia, Maybank Group Wealth Management.

In 2024, the bank launched the Maybank CIO Fund, a global multi-asset feeder fund developed with Fidelity International. The fund translates the asset allocation views of its chief investment office into a single, actionable investment vehicle. JM

Best Private Bank in Mauritius

The Mauritius Commercial Bank Limited

The Mauritius Commercial Bank (MCB) is basking in the glory of a five-year winning streak. In 2024, it grew assets under management by 40.4 per cent and net new money by 34.3 per cent.

Focused on digital transformation, it launched a ‘wealth’ tab on the MCB Juice app so investors can view their portfolios, as well as trade global equities and exchange-traded funds. The bank introduced wealth planning as an extension of its financial planning services.

Adding to its green credentials, the bank launched two new structured deposit products: a three-year MCB structured deposit linked to climate change and a five-year structured deposit linked to US equities with an ESG filter. It also implemented a sustainable investing framework for international market investments.

“These initiatives demonstrate our commitment to offering tailored investment solutions that empower clients to contribute positively to environmental and social factors, while pursuing long-term returns,” says Francois Desvaux de Marigny, head of private wealth management, MCB. JM

Best Private Bank in Monaco

Barclays Private Bank

In December 2024, Sasha Wiggins, CEO of Barclays Private Bank and Wealth Management, outlined an ambitious expansion plan to accelerate growth across the business. The strategy includes hiring up to 100 additional advisers and a substantial increase in technology investment to enhance client experience and digital capability.

Anchored by its centres in London and Monaco, Barclays Private Bank continues to support a diverse and increasingly global client base. Both hubs serve an evolving generation of entrepreneurs, family offices and business owners who are combining international lifestyles with complex cross-border wealth needs. 

Monaco, in particular, continues to attract wealth from across Europe, the Middle East and North America, with clients drawn to its stability, favourable tax environment and long-standing reputation as a secure base amid global uncertainty. 

In this environment, Barclays’ combination of local insight and global reach provides a distinct advantage in an increasingly competitive private banking market. JK

Best Private Bank in the Netherlands

ING Private Banking

After a drop in net new money (NNM) in 2023, ING Private Banking bounced back and increased NNM by more than 300 per cent in 2024. It also grew assets under management by 22.5 per cent, managing more than €30bn ($35bn) in assets at the end of 2024.

“[Last year] we strengthened our position as the leading bank for entrepreneurial-minded clients, expanded our private markets offering, and enhanced our digital and personal services,” says Johan Kloeze, head of ING private banking and wealth management Netherlands.

The bank integrated its standalone investment app into the primary banking app, delivering a unified digital platform for all banking and investing needs. It also introduced a generative AI-driven virtual assistant to handle routine inquiries, as well as an AI-powered analytics programme that scans transactional data to identify affluent clients with high potential for wealth services. 

To combat financial crime, ING has launched a global fraud prevention model and deepened collaboration with industry peers and authorities. JM

Best Private Bank in New Zealand

Bank of New Zealand

With demand for alternative investments rising, New Zealand’s high net worth clients are increasingly looking beyond traditional portfolios to generate returns and contribute to the wider economy. Against this backdrop, BNZ Private Bank has tapped into this trend with the launch of BNZ Private Capital, a market-first initiative that connects private investors with local businesses seeking growth capital.

“We are seeing an increased demand from our private investors for new and exciting investment options,” says Jenna Broadhurst, general manager of Bank of New Zealand Private Bank. 

Through regular events and networking forums, BNZ brings together high net worth clients and exclusive private investment opportunities, unlocking alternative returns for investors while providing capital to innovative businesses. 

“Private investors are also often looking to add value beyond pure capital investment, bringing their experience and connections to the table. By connecting smart capital and engaged investors with ambitious businesses, we can optimise and accelerate growth, supporting a more prosperous New Zealand,” says Ms Broadhurst. JK

Best Private Bank in Poland; Best Private Bank in Spain

Santander Private Banking

Santander Private Banking (SPB) launched several initiatives in 2024 in Spain, Poland and Mexico aimed at enhancing advisory capabilities, improving operational efficiency and boosting growth.  

Of the new programmes implemented by SPB in Spain last year, Alfonso Castillo, global head of Santander Private Banking, highlights collaboration with the corporate and small and medium-sized enterprises business units, which he says is “helping to boost prospecting, growth and the scope of the value-added model”. 

“Our strategy is generating significant new net inflows, product development initiatives and a stronger commercial model based on added value and a holistic approach to clients,” he adds.

At Santander Bank Polska, Mr Castillo cites the restructuring of advisory services for private banking clients as “the most significant change for customers and market perception”.

“This initiative is key for several reasons. First, it involves the investment area, which is particularly important for private banking customers. Second, it is also available to consumers, who may use the service for several investment products under one agreement,” Mr Castillo says.

In Mexico, he says SPB pursued initiatives last year that are “fundamentally reshaping efficiency and growth across our business”. These included rolling out new digital tools aimed at providing a more responsive customer service, offering more tailored products and services to different private client segments, developing a unit-linked platform and increasing the number of investment strategies available to clients. 

“The initiatives we are leading are not isolated efforts, but rather part of a cohesive strategy to strengthen client relationships, deliver superior advisory capabilities, and fully integrate with the broader Santander ecosystem,” Mr Castillo says.

One of the key challenges SPB faces in seeking to implement a growth strategy “built on scaling a fee-based advisory model” is reducing reliance on net interest income, he says. Other challenges include executing “cutting-edge” technology projects across markets and attracting top talent. HS

Best Private Bank in Portugal

Millennium bcp

Market volatility and economic uncertainty have clouded the operating environment for many private banks over the past 18 months. These conditions have also created fresh challenges for customer engagement, as changing risk appetites, investment priorities and service expectations reshape client relationships.

In response, Millennium bcp has advanced its behavioural segmentation strategy, which aligns customers with the most suitable service network based on their financial profiles. According to the bank, this approach improves the customer experience, equips private bankers with deeper knowledge and supports growth.

“This has enabled the bank to tailor digital experiences and financial solutions to individual needs, and to build customer loyalty by customising interactions in line with client expectations,” says Rui Coimbra, head of private banking at Millennium bcp.

Together with the revamp of its mobile and internet banking solutions, Millennium bcp’s emphasis on client service has reaped business benefits and positioned the bank favourably for future growth. JK

Best Private Bank in Slovakia

Tatra banka

Tatra banka is rolling out multichannel customer service and expanding its product offering to address customer demand. For example, it has added private equity products focused on both global and local markets, and launched a new automatic overnight deposit with better conditions than other deposit products.

“Our greatest achievement and ongoing challenge has been service digitisation and the automation of operational and reporting activities, including robotic process automation,” says Marek Neckár, head of the private banking division, Tatra banka.  “Clients prefer digital channels for routine operational tasks, which allows us to concentrate on strategic topics and investment advice.” 

In 2024, it crossed the €3.1bn ($3.6bn) milestone of total assets under management.

Tatra banka introduced environmental, social and governance (ESG) solutions with Raiffeisen Capital Management, Raiffeisen Centrobank, Tatra Asset Management and others, with a total invested volume of almost €547m at the end of 2024. This means that 27.6 per cent of all investments meet the ESG criteria. JM

Best Private Bank in Taiwan

E.SUN Bank

Global trade uncertainty and shifting monetary policy positions unsettled global markets in 2024, creating new challenges for high net worth investors across the inter-connected financial hubs of Asia. For E.SUN Bank, this environment reinforced the importance of active guidance and disciplined portfolio management to help clients navigate this period of volatility. 

“The Bank of Japan’s miscommunicated rate hike and Trump’s surprise tariffs caused major market volatility. We adjusted client investment strategies by recommending that stock positions should focus on fundamentals and valuation rationality, and we advised increasing AI technology stock holdings on dips,” says Louis Chang, head of private banking and wealth management division at E.SUN Bank.

Notably, E.SUN Bank restructured its business in 2024 by incorporating elements of its corporate and retail banking units into a unified private banking division, partly in response to these choppy conditions. This, alongside market monitoring and immediate response mechanisms, helped E.SUN Bank to offer timely advice to its clients. JK

Best Private Bank in Thailand

KASIKORNBANK PCL.

Kasikornbank Private Banking marked a milestone in 2024 with the 10th anniversary of its strategic alliance with Lombard Odier, a partnership that has introduced global investment strategies, sustainable products and family wealth planning solutions to Thai clients over the past decade.

Over that time, Thailand’s wealth management industry has been reshaped by rising affluence, tax reforms, and a growing appetite for digital solutions. Today, the country’s high net worth clients are increasingly global in outlook, while demand for digital solutions is soaring. These shifts have increased competitive pressure on local banks to diversify their offerings.

Reflecting this more complex environment, KBank Private Banking in 2024 partnered with Kasikorn Asset Management and Goldman Sachs Asset Management to launch a semi liquid private credit fund for high net worth clients. The product offers monthly subscriptions and quarterly redemptions after a one-year lock in, providing access to secured lending opportunities in the US and Europe. JK

Best Private Bank in Turkey

İşbank

İşbank is reaping rewards from its Co-Private Initiative, launched in 2022, which reimagined the role of selected commercial branches as dual-purpose hubs. In 2024, assets under management (AuM) at Co-Private branches increased by $770m, or 135 per cent, and customers number by 70 per cent.    

“The Co-Private Initiative provides scalable growth through specialisation, positioning us as a true partner for our clients,” says Suat Sözen, deputy CEO, İşbank. “Additionally, we have deepened client trust and engagement by combining advanced digital platforms, personalised advisory and cultural-lifestyle initiatives.”

As Turkey undergoes a generational shift in wealth, İşbank has focused on succession planning to ensure smooth intergenerational wealth transfer. In 2024, the number of family funds established through İşbank rose by 57.7 per cent, while total AuM in these structures doubled. 

Within this context, İşbank has launched bespoke environmental, social and governance investment products aligned with renewable energy, gender equality, digital inclusion, and sustainable agriculture, in partnership with İş Asset Management. JM

Best Private Bank in Ukraine

Oschadbank

Operating in a war zone adds a layer of complexity that is difficult to fathom for any business. Yet within this context, Oschadbank successfully increased the number of private clients by 69 per cent and assets under management (AuM) by 20 per cent to reach 81.1bn hryvnia ($1.9bn). Impressively, 12.5 per cent of the growth in AuM was achieved by attracting new customers.

In response to the forced relocation of clients to safer regions of Ukraine or abroad, Oschadbank has introduced remote onboarding. To further enhance its service for clients who cannot visit branches, the bank is launching a remote manager service to assist wealthy clients and allow them to sign documents online.

It also offers wealthy clients auxiliary services, such as security company Sherriff’s SOS service and emergency roadside assistance.

“Modern client needs are going beyond traditional financial solutions. High-quality service and personalisation are essential, but also the emotional aspect of customer interaction,” says Dmytro Solovyov, head of private and premium banking, Oschadbank. JM

Best Private Bank in the United Arab Emirates

Emirates NBD

Rising opportunity and fierce competition in the UAE’s private banking market, with the country attracting more than 6,700 new millionaires in 2024 according to Henley & Partners, are driving fresh initiatives from Emirates NBD.

In March 2025, the bank signed a memorandum of understanding with BlackRock to launch a private markets platform, giving its wealth clients access to a broader range of alternative investments that are typically reserved for institutional investors.

It followed the launch of Emirates NBD Private Banking’s Next Generation programme in November 2024, in collaboration with INSEAD Business School. Held in London, the inaugural three-day course brought together future leaders from client families for sessions on self-leadership and strategic decision making.

Mohammad Al Bastaki, group head of private banking at Emirates NBD, says clients benefit from “expert investment advisory, customised lending, astute trust and estate planning, real estate advisory”, among other services across the bank’s growing global footprint. JK

Best Private Bank in the UK

EFG Private Bank Ltd

The UK’s private banks have weathered a series of challenges over the last 18 months, as domestic political uncertainty, rising geopolitical tensions and intensifying competition added to the headwinds facing the market.

EFG Private Bank has navigated these difficulties by leaning on its client-centric approach to business, in particular through its client relationship officer (CRO) model. The bank says its CROs have an average tenure of 14 years, meaning they are well placed to provide advice, service and solutions to each client. This has proved especially valuable for international customers with family or business interests in the UK.

“Our CROs, in strong partnership with investment counsellors and portfolio managers, proactively engage with our clients on major market and geopolitical events. Our open architecture approach combines in-house research from our investment office with third-party providers to continuously update and support our clients,” says Christian Berchem, chief executive of EFG Private Bank UK. JK

Best Wealth Manager for Client Service in the UK

Bentley Reid

Family-owned Bentley Reid prides itself on its high-touch, personalised and holistic service, averaging just 42 clients per relationship manager. “We want to reinforce that personal touch with the next generation to build trust and confidence in the relationship,” says Peter Clark, CEO of Bentley Reid. 

The independent boutique also has an entrepreneurial and dynamic mindset. “In response to client needs or legislative changes, such as inheritance tax, we are quick to introduce new service lines to deliver that holistic approach,” he adds.

For example, Bentley Reid expanded its UK licence criteria to be able to source life insurance solutions, partnering with Lloyds of London agent to offer insurance underwriting for tax planning purposes. 

Additionally, it has partnered with several independent financial advisers, who refer high and ultra-high net worth clients to Bentley Reid for discretionary fund management service. It recently upgraded the Bentley Reid portal to provide full transparency into clients’ holdings and underlying constituents.  JM

Best Wealth Manager in the UK

Raymond James

Charles Stanley and Raymond James Investment Services (RJIS) have merged into a single legal entity, following US giant’s purchase of the former in January 2022. The integrated entity rebranded as Raymond James Wealth Management (RJWM) in July. 

“The key to our success in the UK will come from the integration of investment management and financial planning services for clients,” says Kim Jenson, who was appointed CEO of RJWM in August after serving as interim since April. “We’ve been successful in the UK for a long time, both at Charles Stanley and RJIS, but we intend to accelerate our impact through a more purposeful approach to integrated wealth management.”

Another standout achievement in her mind is the roll out of ‘Service First’, a recognition programme first established in the US that recognises colleagues’ contributions to exceptional service.

“Our business is our people and our culture is our calling card,” says Ms Jenson. JM

Profiles written by Nicholas Fearn, James King, Joy Macknight, Chris Newlands and Henry Smith