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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.

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.

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.

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.

BTG Pactual’s next-generation service proposition is closely – but not exclusively – correlated with its family-office activities, so it is no surprise that its strength in the latter translates into leadership in the former.

In recent years, the private banking industry in Latin America has been undergoing rapid transformation, with lower real interest rates and digitalization fragmenting traditional brands. And senior bankers forming their own boutiques.

The banks in each market that have excelled across a range of core private banking activities during the past 12 months.

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.

In Brazil – and indeed throughout Latin America – the family-office business is critical for private banks.

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.

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.