Banking is a backbone of economy for any country. In spite of big scandals in last decade which has resulted into financial crises, the banks which are complex and critical part of global economy have survived and in fact in many cases flourished as well. The world’s top 10 private banks have baffling assets when combined.
In recent times many banks around the world started offering income based banking services to customers. The financial goals are different from person to person. The high net worth individual will have some different goals than that of average customer. However, the sector is well dominated by private sector banks from Europe and United States.
Here are the top 10 Best, Biggest & Famous Private Sector Banks in the World in 2018
Table of Contents
- 10. Pictet (Estimated funds under management – $ 338 billion)
- 09. J. P. Morgan (Estimated funds under management – $ 361 billion)
- 08. HSBC (Estimated funds under management – $ 382 billion)
- 07. Deutsche Bank (Estimated funds under management – $ 384 billion)
- 06. BNP Paribas Fortis (Estimated funds under management – $ 395 billion)
- 05. Royal Bank of Canada (RBC) (Estimated funds under management – $ 673 billion)
- 04. Credit Suisse (Estimated funds under management – $ 888 billion)
- 03. Morgan Stanley (Estimated funds under management – $ 1.454 trillion)
- 02. Merrill Lynch (Bank of America Corporation) (Estimated funds under management – $ 1.866.6 trillion)
- 01. Union Bank of Switzerland (UBS) (Estimated funds under management – $ 1.966.9 trillion)
10. Pictet (Estimated funds under management – $ 338 billion)
Pictet is a Swiss based private sector bank founded in year 1805. The bank ranks among the Switzerland’s leading private banks and is one of the premier independent asset managers in Europe. The bank mainly focuses on high net worth individuals / high value clients and large financial institutions. Like all other banks Pictet is also having separate private banking unit for their wealthiest customers. The bank has been awarded as Best Private Bank in Europe by Professionals Wealth Management and The Banker in year 2013.
09. J. P. Morgan (Estimated funds under management – $ 361 billion)
John Pierpont (J. P.) Morgan is a United States based Investment bank. The major focus of bank is towards high net worth individuals instead of common or average customer. The bank is expert in tailoring investment advice as per individual needs and goals. J.P Morgan was one of the first banks to hire a dedicated officer (CIO) for its private banking segment. The move has been clearly paid off. According to one of magazine J. P. Morgan is the industry leader under equity and fixed income portfolio management.
08. HSBC (Estimated funds under management – $ 382 billion)
HSBC Bank is one of the largest banking and financial services organisations in the world. If we talk about its presence the bank is having international network comprises around 7500 offices in over 80 countries. The bank is available almost in all places including Asia Pacific region, Europe, America, Middle East and Africa. In earlier days, HSBC was not in private banking sector but after acquiring the assets of Republic National Bank of New York in year 1999 HSBC has launched officially its private banking division.
Today the bank is having estimated assets under management amounting to $ 382 billion which has been reduced over the period. Last year the bank was two spots in better condition compared to today. The bank offers its customer’s services like lending solutions and access to alternative investments such as hedge funds and private equity opportunities as per customers’ needs and requirement.
07. Deutsche Bank (Estimated funds under management – $ 384 billion)
Deutsche Bank is a Germany based bank. Deutsche Bank provides high quality banking products and services like private banking, business banking, insurance, investment, wealth management etc. The bank has differentiated itself in many fronts to stand uniquely in this competitive world. Giving feel of convenience banking to its customers Deutsche Bank has started Doorstep Banking which allows customers to deposit cheques from being at home or receive cash at their home. The private banking service of this bank covers everything from investment to issue exclusive credit cards.
06. BNP Paribas Fortis (Estimated funds under management – $ 395 billion)
The Belgium based bank BNP Paribas Forties provides private banking services to individuals who have assets in excess of 250000 euros. The bank stands at number six position in the list of top 10 private sector banks. The bank is having its good presence in countries like France, Italy and Luxembourg. The bank is also present in US and Asia. It has been awarded as Best Private Bank in Europe in year 2014.
05. Royal Bank of Canada (RBC) (Estimated funds under management – $ 673 billion)
Royal Bank of Canada which is popularly known as RBC is the largest financial institution in Canada. With estimated assets under management amounting to $ 673 billion RBC stands at number five in top 10 private sector banks all over the world. The bank is focused towards high net worth individuals. To attract wealthy clients to its private banking unit RBC offers exclusive services from estate planning consultation to specialized credit solutions. Looking at the need of upper income class individuals RBC also offers special private banking credit cards.
04. Credit Suisse (Estimated funds under management – $ 888 billion)
The fourth top most private sector bank worldwide Credit Suisse also offers similar kind of services like other private sector banks. The bank offers investment solutions as well as specialized wealth management services. The bank has recently started new division called New Markets which concentrates on most underserved clients in the society like women, minorities, and lesbian, bisexual, gay and transgender clients. The bank is hoping for very positive results from their new vertical of business.
03. Morgan Stanley (Estimated funds under management – $ 1.454 trillion)
Headquartered in New York City, Morgan Stanley is a leading global financial services firm providing all the features of private banking. The bank came into existence on 16th September, 1935. The bank services to all sectors like corporates, institutions, government and individual with help of its presence in more than 42 countries with around 55000 employees. Recently the bank has started increasing its private banking operations widely for this it has also recruiting wealth managers from competitors. In year 2013 the bank has experienced its assets under management growth to 17.5% which was the fastest growth of any institution in the top 10.
02. Merrill Lynch (Bank of America Corporation) (Estimated funds under management – $ 1.866.6 trillion)
United States largest private bank Merrill Lynch is now a part of Bank of America. It has been headquartered in New York City. In the first quarter of year 2009 Bank of America has purchased Merrill Lynch due to financial meltdown in year 2008. It has been ranked on 2nd position in top 10 private sector banks with total estimated assets under management amounting to $ 1.866 trillion. Merrill Lynch employs over 15000 financial advisors and also manages $ 2.2 trillion in client assets.
01. Union Bank of Switzerland (UBS) (Estimated funds under management – $ 1.966.9 trillion)
Being on top in the list Union Bank of Switzerland is having estimated assets under management amounting to near about $ 2 trillion. UBS is a Swiss global financial services company headquartered in Zurich, Switzerland. Due to this Union Bank of Switzerland edges over the Merrill Lynch as the largest private banking group in the world. According to survey in year 2014, the bank is also ranked highest in customer satisfaction in private banking and wealth management providers.
The awareness and need of personalized and convenient banking among the customer has become a boon for private sector banks growth since last couple of decades. The banks in Europe and USA have grabbed this opportunity and grown like anything. The Swiss based Union Bank of Switzerland is continuing its leading position in the chart. Even the competition in the field has helped customers to get better and convenient services.