World’s Best Private Banks 2024—Western Europe (2024)


Europe’s leading banks are focused on new technology to meet shifting client needs. By Jonathan Gregson

Market volatility and sharply higher interest rates had the biggest impact on European private banks’ performance over the past year. Overall, the results were mixed. Adverse market conditions drove assets under management (AUM) from their 2021 peak, although this was partly counterbalanced by a modest increase in net new money from clients. Practically all private banks reported that fee and commission income dropped sharply, alongside gains from improved lending margins.

The question is how long the aforementioned tailwinds will continue to affect profits in the face of rising costs across the industry. Europe’s private banks face a pressing need to invest further in technology if they are to address both new regulatory requirements and clients’ rapidly shifting needs.

Balancing increased IT spending while sustaining profitability will be crucial in the coming years. Several major European banks have already shuttered their private banking units, such as ABN Amro’s Asia-Pacific units and Lloyds’ Swiss business—and further consolidation is expected.

Best Private Bank In Western Europe: BNP Paribas

The eurozone’s leading private bank by AUM and the clear market leader in its core French and Benelux markets, BNP Paribas Private Bank has benefited from a 48% surge in net new money and higher interest margins over the past year.

Thanks to its ability to leverage groupwide technology upgrades, the unit has achieved significant synergies, resulting in an 8% boost to its overall profitability. The bank has focused on accelerating its move upmarket, developing an increasingly sophisticated offer, including credit structuring and tailor-made financing packages, that caters to the needs of its wealthiest customers.

Recognized as a regional leader in client-focused platforms and in digital channels that provide personalized communication between manager and client, BNP Paribas recently launched a portal dedicated to alternative investments, including private equity and debt.

Best Private Bank For Sustainable Investing: BBVA

BBVA is ahead of the curve in meeting the EU’s strict Sustainable Finance Disclosure Regulation, having launched a digital channel for regulatory compliance, tracking clients’ sustainability risk data so they can adjust their exposures accordingly.

The bank is also increasing its offering of sustainable alternative investments. Private clients can now secure better mortgage terms if the property in question has a high energy-efficiency certification. The same goes for BBVA’s consumer loans, which feature better rates when used to purchase electric or hybrid vehicles.


BBVA emphasizes sustainability as central to its client offering. Many of its pension fund clients are deeply committed to sustainability. The bank now offers them multiple investment solutions incorporating environmental, social, and governance (ESG) criteria. Several of BBVA’s in-house mutual funds, moreover, are committed to impact-investment strategies; and all its private bankers are now required to hold an external sustainability certificate.

Best Private Bank Digital Solutions For Clients: BNP Paribas

BNP Paribas’ private banking unit has prioritized facilitating its customers’ transition to higher-end services, and new technology precisely targeted at individual clients’ needs is central to the effort.

Already recognized as a leader in developing client-friendly platforms that offer a unique personal communication channel between the private bank and its clients, BNP recently launched a dedicated digital portal for private equity and debt investors.

On top of a broad range of investment options managed in-house, the bank has also embraced innovative tie-ups with third-party specialists to provide digital solutions. These include MyMand@te, a discretionary portfolio management offering; Mon Demain, a platform dedicated to retirement preparation; a carbon-footprint calculation engine developed with Greenly, a climate software developer; and an innovative digital safe with Cecurity, a developer of software designed for secure exchange and archiving of electronic documents.

World’s Best Private Banks 2024—Western Europe (2024)

FAQs

What is the top 1 private bank in the world? ›

J.P. Morgan: Top Private Bank in the World. J.P. Morgan Chase & Co., often simply referred to as J.P. Morgan, is a behemoth in the financial services industry. Founded in 1799, it stands as the largest bank in the United States by assets and the world's largest bank by market value.

Who has the best private bank? ›

J.P. Morgan Private Bank is named 2024's “World's Best Private Bank” for the fifth year in a row. For its ninth annual World's Best Private Banks Awards, Global Finance Magazine ranked J.P. Morgan Private Bank* first overall.

What is the minimum for JP Morgan Private Bank? ›

For example, the Bank of America private bank minimum requirement is $10 million. The minimum requirement to open a private banking account with HSBC in the US is $5 million, while the minimum for banks like JP Morgan is $10 million.

What bank do billionaires use? ›

1. JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said.

What is the best private bank in Europe? ›

Best Private Bank In Western Europe: BNP Paribas

The eurozone's leading private bank by AUM and the clear market leader in its core French and Benelux markets, BNP Paribas Private Bank has benefited from a 48% surge in net new money and higher interest margins over the past year.

What is the most powerful bank in Europe? ›

1. HSBC. British financial institution HSBC Holdings PLC is the largest bank in Europe in terms of assets, with a total balance sheet of 2.6 trillion euros. HSBC is a British multinational bank and financial services company operating in over 60 countries.

What is the strongest European bank? ›

research? HSBC is the largest bank in Europe based on assets, with a balance sheet total of €2,597 billion. The UK has three banks in the top 10 largest banks in Europe, according to S&P Global Market Intelligence.

What is the best bank in the world 2024? ›

CAMDEN – Camden National Bank was named to Forbes 2024 World's Best Banks List for the fourth consecutive year, one of 68 U.S.

What is the richest private bank in the world? ›

By AUM
RankBank nameTotal assets (2019) (US$ Billion)
1UBS Global Wealth Management2,260.0
2Morgan Stanley Wealth Management1,046.0
3Bank of America Global Wealth and Investment Management1,021.2
4Credit Suisse Private Banking & Wealth Management770.0
6 more rows

What is the outlook for private banking in 2024? ›

In 2024, investors must balance the lingering effects of high interest rates leading to slower growth, against welcome disinflation, and the risks around geopolitical tensions. Despite recent progress, the path to a soft economic landing remains challenging.

How much does a JP Morgan private bank advisor charge? ›

How Much Does J.P. Morgan Personal Advisors Charge? J.P. Morgan Personal Advisors charges between 0.40% and 0.60% of your assets under management annually. It's 0.60% for portfolios below $250,000, 0.50% for portfolios between $250,000 to $1 million, and 0.40% for portfolios over $1 million.

How much does a VP at JP Morgan private bank make? ›

The estimated total pay range for a Vice President Private Banker at J.P. Morgan is $239K–$430K per year, which includes base salary and additional pay. The average Vice President Private Banker base salary at J.P. Morgan is $203K per year.

How much money do you need to be a Morgan Stanley client? ›

There are no minimum balance requirements or account maintenance fees associated with the account (other fees may apply), and a client's interaction with Morgan Stanley will be primarily through electronic communications and online resources.

What are the big 4 private banks? ›

The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.

Which bank ranks most trusted? ›

Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023. Across 23 industries evaluated, United joined the list of the “Most Trustworthy Companies in America,” earning the No. 1 spot in the Banks category.

Which private bank is more secure? ›

HDFC Bank

The HDFC Bank is one of the leading private sector banks in India, due to its strong financial performance.

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