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operating profits rose by 41 per cent. Its comprehensive offering of


wealthmanagement services, quality of the advisers’ network andstrong brandare key factors of the bank’s success, explains GianmariaMossa, CEO,BancaGenerali. BancaGenerali,whichis part


of insuranceGenerali Group, is nowItaly’s thirdbiggestwealth management player,andthe largest financial adviser-based private bank in the country. In 2019, the bank completed the


acquisitionofSwiss-basedboutique Valeurand investmentboutique Nextam Partners,whichalso contributed to asset growth. The bank reliesonan ‘open


banking ecosystem’,whichfacilitates the integrationof services aimed at providing a holistic offering to wealthy families andentrepreneurs. This business model has continued to prove itsworthduring the pandemic, as thebank attractedmore than€4bn in net newmoney in the first nine months of this year. “Organic growth remains our


priority,” saysMrMossa, adding that when the rightopportunities arise, ad-hoc acquisitions are alsoonthe table. Sustainable investing is proving


to be an important growth factor. DemandforESGinvestments has beenso strong that the bankhas already achievedits 2021 goal to reach10 per cent of itsAuMinESG solutions. MrMossa is looking to further


expandthe bank’s platformofESG solutions, launched in February 2019 withinvestment adviserMainStreet Partners, as it allows private bankers to buildportfolios that are “truly tailored to clients’ social interests”. ThroughBGSaxo, the joint venture


developed with Danishfintech SaxoBank,BancaGenerali offers an online tradingplatformwhich has experienced a significant boost


62 GLOBAL PRIVATE BANKING AWARDS 2020


this year, helping the firm to further diversify its revenues. Thepandemic has accelerated theongoing digitalisationof the bank, supporting a “substantial streamlining of bureaucracyandoperations” for its 2,000private bankersandwealth managers. “Digitalisation is one of the pillars


that drive our business,but can never replace the core of private banking,whichis represented by the relationshipbetween the adviser and the client,” he adds.ET


BEST PERFORMING PRIVATE BANK INDUSTRIAL BANKCO., LTD.


For the secondyear inarow, IndustrialBankemergedas the best performingbankfromthe KPI quantitativeanalysis carried outby PWMacross all institutions taking part in this year’sawards. In 2019, the bankexperiencedanimpressive 38 per cent growthin operatingprofit, withnumberof clients risingmore than 30 per cent. ItsAuMsurged 24 per cent to $75bn, fuelledby significant netnewmoney flows. IndustrialBankhas builtastrong


brandin the Chinese financial market, especially thanks to its risk management capabilityandexpertise in the high-yield space, explains JinguangChen, vice president of IndustrialBankprivatebanking. Its diversified product offering, combinedwithdynamicasset allocation capabilitiesandinvestment advisory skills, with investment viewsdelivereddaily throughmobile


Green growth:


sustainable investing is proving popular among Banca


Generali’s client base


banking,have also provedkey growth drivers. In China,more than 50 per


cent of privatebankingclients are entrepreneurs,andthese represent atarget client segmentfor the bank, whichoffersthemM&Afinancing, bondissuanceandunderwriting, in addition towealthmanagement services. The bank prides itself on having pioneered the family trust business in China five years ago. There are more than 700 billionaires in the country, ofwhich more than 60 per cent are aged 50 or over, and transferring their wealth and business to their children is at the forefront of their minds. “Family trust financial solutions


are in greatdemand,themarket is hugelydevelopingandthere aremany opportunities for profit,” statesMr Chen. Leveragingonits capabilities in


investment banking, assetandwealth management, thebankhas formed a‘privatebankfamily office’,while launchinganewdedicatedbrand, ‘XingChengShi Jia’ ( ‘prosperity, succession for generations’) in 2019. Withmore thanCNY100tn($15tn) in financial assets, the domesticwealth managementmarket ishuge.“There isabigroomfor commercial banks todevelop in the privatebanking space in China,” saysMrChen, acknowledgingthere is still “a big gap”between domestic commercial banksandadvancedinternational investmentbanks,whenit comesto assetmanagementcapabilitiesand advisory services.ET


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