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:
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."
