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Asian private banks are benefiting from an influx of Western money as the economic uncertainties and debt woes in the United States and Europe prompt high-net-worth individuals to seek what they see as the relative strength of Asian banks.
The 20 largest private banks in the Asia-Pacific region have increased their assets under management 89 percent since 2007, to more than $1 trillion, according to a recent survey by Private Banker International.
International banks continue to hold pole position in terms of assets under management from high-net-worth clients in the region. UBS had $182 billion in assets under management at the end of 2010; Citigroup had $179 billion, and HSBC $150 billion.
But Asian banks are making inroads. Right behind DBS at 11th position was Bank of Singapore, which was formed in 2010 after OCBC Bank expanded its wealth management unit with the acquisition of ING’s Asian private banking assets. In 13th position was the Hong Kong-based Hang Seng Bank , ahead of ABN Amro, RBS Coutts and Société Générale Private Banking.
Renato de Guzman, chief executive of Bank of Singapore, said the private bank added a “substantial” $6 billion of assets under management in 2011 to reach $32 billion.
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