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Given current market conditions, it is ever somuch harder to comeup with meaningful investment solutions with an acceptable risk-reward ratio


PAVELTICHÝ ČSOB PRIVATE BANKING


investment recommendations. “A holistic, goals-based approach is very important, as it helps clients build the life theywant byworking to achieve their goals,” says Mr Córdova. LarrainVial is allocating a large


part of its resources to improving its digital platform, LV Digital. “The most interesting client segments will be younger customers and those seeking excellence in service through highly secure and digital solutions,” he says. Technology skills and a team


of young financial advisers “very comfortable with technology” allowed LarrainVial to quadruple the number of clients participating in its digital events, including talks, seminars and product presentations, during the pandemic. The bankwas also able to bring in newclients, as onboarding and self-service investment processes can be entirely carried out online. ET


BEST PRIVATE BANK IN CHINA CHINA MERCHANTS BANK


China’s technology sector and vibrant start-up economy has been identified as a key source for new customer acquisition by China Merchants Bank (CMB). The bank’s wealthy clients, overseen from140 very well-staffed private banking centres, are especially concentrated in the cities of Beijing, Shanghai, Shenzhen, Guangzhou andWuhan. Significant growth in this


customer base has been facilitated by the acceleration of online communications and transactions, with Covid-19 providing a robust testing ground for online systems, which have negotiated the pandemic with “good” results, according to the bank.


Managed assets grewfrom$289bn in 2018 to $316bn in 2019, with


26 GLOBAL PRIVATE BANKING AWARDS 2020


an even steeper growth in client numbers. The emphasis atCMBhas always


been on asset management,which the bank sees as the essence of private banking. The belief inCMB’s Shenzhen headquarters is that portfolio returns can be directly attributed to conversations with clients about risk taking, themes and asset allocation, making this a particularly attractive and vibrant activity for them to be involved in. “The advantage of institutional


investors over individual investors has been rapidly increased during the past five years,” says aCMB spokesman. “In this respect, the asset management results of private banks will becomeone of the most important criteria for customers to judgewhether they should choose us.”


While strong competitors such


as ICBC and Industrial Bank of China have caught up fast,CMB still has first-mover status among the country’s wealth managers, with sharp focus on maintaining client families’ long-term prosperity. The bank puts its investment strength down to several factors, including a “leading multi-asset allocation capability” and an open product platform with “full market coverage of investing strategies in China”. YB


BEST PRIVATE BANK IN CZECH REPUBLIC ČSOBPRIVATE BANKING


The first pillar of ČSOB Private Banking’s three-pronged growth strategy has been around educating clients on the importance of staying invested, thinking long term and spreading regular investments over time,which has led to an increased share of client investments in equities and alternatives, at the expense of deposits. Acquiring newclients remains


crucial. While the bank’s affluent customers continue to be the private bank’s main client target, the expansion of the investment banking activity to coverSMEs and family run businesses has proved another growth opportunity. The closer co-operation withSMEs is benefiting both arms of the group, which are making the most of “mutual synergies”, says Pavel Tichý, director of private banking segment and wealth office. With ČSOB being a


‘bancassurance group’, the third growth lever is around the sale of non-life insurance solutions to individuals and businesses. “The growth potential for business insurance is huge, because most of private banking clients are also company owners, CEOs, or board of directors’ members.” Butwhile rising markets critically


helped generate good financial results last year, this year there are “several challenges that will have to be dealt with to sustain our KPIs,” says Mr Tichý. The first one is to keep convincing


clients they should think long term, and that equities and alternative investments have their place in portfolios even during volatile markets. It will also be challenging to continue to innovate. “Given current market conditions, it is ever somuch harder to comeup with meaningful investment solutions with an acceptable risk-reward ratio.”


Another bigissue is “tokeepstaff


andoffices Covid-free”.However, the suddenswitchto remoteworkingat the start of thepandemicforcedthe bankto rapidly solve issues that in the pastwould drag on, suchas remote access tosome of thebankapps. “We are ready, shouldthe pandemicsituationworsenand governmentregulations tightenup,” headds.ET


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