Santander Private Banking’s ultra-high net-worth segment is called Private Wealth and covers clients who have more than €20 million. The bank has been growing this segment in recent years and it now has more than 100 dedicated bankers and specialists in Latin America.

With the growth in wealth in all regions – and particularly in Latin America, which has seen a soft commodities-boom generate large increases in the high net-worth segment in recent years – the key to serving these clients is efficiency.

If necessity is the mother of innovation, then it is perhaps no surprise that Santander Private Banking’s digital platform – which spans all the main Latin American private-banking clients – was the one that impressed the judges the most.

Until recently Latin America’s best bank for sustainability in Euromoney’s private banking awards would not have been a domestic franchise. Environmental, social and governance considerations came relatively late to Latin America, and the first wave of ESG-labelled investment funds was an imported novelty from the international banks – particularly the Europeans.

Santander Private Banking in Latin America enjoys certain natural advantages thanks to the bank’s geographical footprint and strategy. Overlaying the global bank’s strength within the region is dominance in Spain and Europe more broadly, as well as a presence in the US. This perfectly matches the domestic market for private banking in Latin America – the local presence is essential to serve these clients – while also offering access to the main markets that Latin Americans tend to think of first when seeking portfolio diversification.

As the oldest private bank based in the southeast of Brazil – the traditional powerhouse of wealth in the country – Itaú Private Bank has an inbuilt advantage when it comes to managing the generational succession in private banking.

OTP Private Banking says it has recently embarked on an overhaul of its discretionary portfolio management services. This involves redefining the workflow to reflect topical industry themes, such as the focus on environmental, social and governance, as well as the implementation of what it describes as revolutionary new front-office software and a focus on increasing client alpha.

OTP Private Banking is putting resources into sustainability and showing signs of progress in the area. At a group level, improved scores by several environmental, social and governance ratings agencies are testament to its improvements in the area recently. For example, it moved from a medium- to low-risk ranking by Sustainalytics.

Over the past decade, OTP Group has grown as a regional bank in central and eastern Europe – even as other international banks have begun to retreat from the region. Listed in Budapest since 1995, the group now covers 12 countries, counting 17 million customers. Although it is headquartered in Hungary, it also considers itself a market leader in Bulgaria, Serbia, Montenegro and Slovenia in terms of the overall banking market, including retail.

UniCredit’s importance as a private bank in Central and Eastern Europe is particularly evident in its service offering for high net-worth individuals.

OTP Private Banking’s approach to digital development and innovation is predicated on a regional approach, helping the firm benefit from its presence across central and eastern Europe.

Chief executive Andrea Orcel has made it clear that Central and Eastern Europe remains at the heart of UniCredit, not least through the purchase of Greek lender Alpha Bank’s Romanian operations last year.

In a year that has seen Asia's financial institutions face mounting pressures from geopolitical headwinds, DBS retains its mantle as Asia’s best private bank 2024. This award comes in tandem with two other regional honours: best for family office services and best for high net-worth (HNW) individuals. Its managing director and group head is Joseph Poon.

Citi Private Bank's chief investment office has adopted a distinctive strategy following the bank's transition to a more streamlined structure that involved shedding regional layers in Asia. This combines its global capabilities with in-depth local expertise.

United Overseas Bank (UOB), a stalwart in Singapore's banking sector since 1935, now boasts a robust network of 500 branches and offices across 19 countries. UOB is not only a bank with a long history but is also dedicated to spearheading innovative initiatives for the next generation through dynamic and multifaceted programmes.

While the wealthy have excelled in accumulating and managing their assets, many still struggle with the complexities of passing them on. The urgency of succession planning was underscored by an HSBC Trustee survey in 2023, which found that 85% of global families are actively preparing successors for their business empires. This aligns with forecasts that about $18.3 trillion will change hands among high net-worth families by 2030.

With Singapore's ascent to a prominent hub for family offices in Asia, DBS has made quick work of establishing itself as a leading player in the region.

Julius Baer’s commitment to Asia has certainly paid off. Bolstered by a team of 1,600 professionals, including over 430 relationship managers, the bank has achieved a doubling of its assets under management in the region since 2016, establishing itself as the largest pure-play private bank in the region.

This year, DBS has been named Asia’s best private bank for high-net-worth individuals, a testament to its innovative approach in this competitive wealth-management sector.

Few things matter more to investors than clarity and foresight. JPMorgan Private Bank's investment strategy team has established itself as an essential navigator, steering clients away from market pitfalls and towards opportunity.

Union Bancaire Privée (UBP), one of Switzerland's most prestigious private banks, has charted a course of strategic growth in Asia throughout 2023.

BNP Paribas Wealth Management has been named Asia’s best private bank for sustainability 2024 in recognition of the firm's comprehensive approach to environmental, social and governance integration and its commendable track record of financial performance.

Julius Baer has a distinct position in Asia. As the region’s largest pure-play private bank, it is unwavering in its commitment to personalized service.

BNP Paribas Wealth Management is named Asia’s best private bank for digital solutions in 2024. This recognition comes on the back of a year that saw good digital growth and the implementation of a client-centric digital transformation strategy.

BNP Paribas Wealth Management has been named Asia’s best bank for discretionary portfolio management (DPM) this year in recognition of its adept navigation of market headwinds and steadfast focus on client-centric service.

Two key elements of Standard Bank Wealth and Investment’s offering stood out in this category. The first of these, My360, allows clients to visualise and control their financial assets. It offers them an aggregated view of their portfolio across asset classes, providing clients with a view of their net asset value in multiple currencies, and allowing them to delve deeper into different categories from a single dashboard.

FNB is this year’s winner for Africa's best bank for discretionary portfolio management. Not only did the regional lender’s discretionary solutions deliver a strong performance compared with its peers, but the bank also continued to innovate to meet new client needs in 2023.

Seven years ago, Barclays’ then chief executive Jes Staley decided to gradually sell down its Johannesburg-listed African unit, including retail banks across the continent. But when Credit Suisse announced a strategic refresh in 2021 – including selling its ultra-high net-worth private client book in nine African markets – Barclays saw it as a chance to gain bulk in African private banking once again.

This year’s winner for best bank for high net-worth (HNW) individuals in Africa, Standard Bank Wealth and Investment, is rewarded for delivering clever tailored solutions to its growing clientele across key African markets.

As part of one of South Africa’s biggest banking groups, FNB’s private wealth offering provides clients with advice across local and offshore portfolios to help them leverage their assets at every stage of their life.