Europe is not the easiest place to conduct a profitable business these days, but you’d never know it looking at Monaco’s Compagnie Monégasque de Banque’s meteoric success. This private bank’s winning formula is simple in concept but not at all so in practice: placing its clients, and providing them with the highest standards of service, at the top of its guiding principles and values.
Last year the private-banking industry worldwide managed $20.3 trillion of assets in total, up from $18.5 trillion in 2013, which itself was nearly double the amount of assets recorded in 2012.
As the nations of the GCC (Gulf Cooperation Council) region in the Middle East experience economic development and growth so the demand and development of the private-banking sector progresses significantly. Wealth-service professionals and investment managers have identified the development opportunities of the region, and this is
Morgan Stanley has sold a majority stake of its oil-trading business to Russian government-owned Rosneft Corporation. Rosneft’s executives are closely aligned with Russia’s president, Vladimir Putin. The Russian government holds a full 70 percent of Rosneft’s shares and the firm remains firmly under the control of the government.
A growing middle class and one of the highest numbers of families with financial worth of more than $100 million in the world make Brazil very appetizing for private-banking providers. According to the latest McKinsey Global Private Banking Survey (2013), Brazil, together with Mexico, accounts for 67 percent of private assets under management in Latin America.
Africa is hardly the first region one would think of when it comes to private banking. That is, if one has not been following economic developments on the continent. Last year, the number of high-net-worth individuals in Africa reached 140,000, according to a Capgemini report, a 3.7 percent annual increase.