Through this turbulent period, our focus has remained on our clients andwehave increased our engagement with them


refreshedUHNWclient proposition to enhance our bespoke offerings,” says SiewMeng Tan, regional head for Asia-Pacific, HSBC Global Private Banking. One of the challenges for the bank

has long beenhowto replicate this fame and brand-recognition inHong Kong, with a similar penetration in surrounding countries. “Our ambition is to becomethe leading wealth manager in Asia,” saysMs Tan. Her plan is to provide a more distinctive experience for wealthy clients, particularly in the Asean region, by building up greater expertise in Singapore. “As a key global booking centre for

HSBC, Singapore will also be integral to our growth, especially as we continue to extend our capabilities and reach to serve international clients across Asean and the rest of the regionwhere fast-rising wealth is boostingawareness and demand for private banking,” she says. In Asia, as in Europe, the bank is

striving to improve its connectivity between different pockets of expertise, something HSBC has sometimes struggled with in the past, despite promoting an international mindset. “Many clients have interests all

around theworld and so need a bank that can operate inmany different jurisdictions and can look after them worldwide,” says Charles Boulton, CEOof HSBC Private Bank, UK. More than ever since the advent

of Covid, HSBC understands the importancewhich clients are attaching to investment performance and management of risks. During the crisis, it reshaped its approach to private equity,working closer with experts at HSBC Global Asset Management. It is also stepping up efforts towork more closely with clients in the spheres of real estate and structured products. YB



OTP Private Banking operates as one of themajor business lines of OTP Bank, providing dedicated private banking services in 11 countries across the CEE/CIS region to almost 72,000 clients and managing €8.4bn ($9.1bn) in client assets. The private bank of OTPHungary

enjoyed a record year in 2019, both in terms of asset growth and net newmoney generation. Assets under management amounted to HUF2,116bn ($7bn), an increase of 25 per cent fromthe previous year. “Due to the perfect combination

of favourable business environment and the appropriate growth strategic steps, growth dynamics reached record levels in 2019,” explains András Takács, managing director, head of wealth and investment management. Despite the pressure on

profitability, operating revenues also reached a record level of more than HUF18bn in 2019, an increase of 17.4%. In response to the challenges of

digitalisation, a newdedicated self- service value propositionwas added to the existing service range at the end of 2019. The newservice, ‘Direkt PB’, is the first private banking service inHungary exclusively using digital channels. “In recent years, we have been

putting in a lot of effort and energy, and it has been part of our strategic focus, to shift traditional banking transactions towards digital channels.Wehave achieved serious results in this field, as 89 per cent of our customers have access to internet banking,while 78 per cent of transactions are made via digital channels,” Mr Takács explains. This high ratio of internet banking adoption proved crucial this year,

making it easier for clients to adapt to all the remote services provided by the bank during the Covid-19 lockdown.PG


With a presence in more than 17 cities in India, Kotak Mahindra Bank offers wealth management services through its wealth management and priority banking divisions, providing customised financial solutions to its UHNWandHNWclients. Kotakwas one of the first private

banking businesses in India to offer family office services – today it manageswealth for 50 per cent of India’s top 100 richest families. One of the key developments of

2019was the transition to an annuity business model. “This places greater emphasis on transparency and ensuring that the interest of clients and the bank are aligned, and we believe this will further accelerate our growth,” says Oisharya Das, CEO at KotakWealth Management. Also last year, the bank launched

KotakOptimus, a discretionary asset allocation platform, designed for investors with a moderate to aggressive risk profile. Other initiatives included the expansion of its alternative investment offering, and the introduction of client engagement initiatives such as ‘NexGen Connect’ and ‘Leading Ladies’, exclusively targeted at millennial and female clients. The disruption caused by the

Covid pandemic is likely to have a long-lasting impact on the sector, according toMsDas. “Through this turbulent period, our focus has remained on our clients and we have increased our engagement with them,” she explains. This included putting in place a

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