Strong gains for HSBC Private Bank in 2009 Euromoney survey

27 February 2009

HSBC Private Bank has risen to second place globally for best “private banking services overall” in the latest Euromoney survey of the private banking industry. This is a move up from third, a position held for the last 3 years. Other highlights in the rankings include:

Number one position in Asia
Number one position in the Middle East
Number one position for Islamic banking services
Number one Foreign Private Bank in the US and China
Number three Private Bank in Latin America, Western Europe and China

Across the board, HSBC Private Bank improved on last year’s survey in no fewer than 24 out of the 27 global award categories up for grabs in 2008 and 2009.

In Asia and the Middle East HSBC Private Bank was voted best for relationship management, inheritance and succession planning, trust services, Islamic banking services and offshore banking services. In Western Europe HSBC Private Bank came first for Islamic Banking for the third year in a row.

Euromoney said “HSBC Private Bank is regarded as one of the few safe havens during a troubled year; the private bank solidified its position in the global wealth management arena.”

Chris Meares, CEO, Global Private Banking, commented “there was clearly a flight to quality in the third quarter of 2008 and we were a big beneficiary because of the strength of our brand. Our strategy has been to invest in opening domestic private banking offices in the emerging markets where HSBC has a natural footprint. In 2008, HSBC opened three private bank offices in China. This follows expansion in India, Brazil, Mexico, Panama, Turkey and the Middle East in recent years. The private bank now consists of 96 offices in some 43 countries."

The annual Euromoney Private Banking and wealth management survey provides a qualitative and quantitative review of the best services in private banking, by region and by areas of service. It is an informative guide for high net-worth individuals on the range of professional wealth management service providers that are available. Factors such as assets under management, profitability, ratio of clients to relationship managers, and services offered, among other things, are all considered in developing the ranking of top private banks.

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