Celebration as our site recognised for top-tier wealth management in Germany
In a recent ceremony held in London, the Professional Wealth Management (PWM) magazine, published by the Financial Times, announced the winners of the Global Private Banking Awards 2023. Among the recipients, the Private Bank's Wealth Management business in Germany stood out, being named the Best Private Bank in Germany for the year 2023.
The team's success is attributed to its unique approach to client service and global house bank service, as well as its close relationship with clients. Claudio de Sanctis, Global Head of the Private Bank, expressed his gratitude for the recognition, crediting his core team for their hard work and dedication.
The Private Bank's expansion in the German market has been impressive, with the team maintaining market leadership in the home market for the third year in a row. This growth is particularly notable among Ultra-High-Net-Worth (UHNW) individuals, a segment that the website has been commended for serving exceptionally well. PWM highly commended the Private Bank for its work in the category of Best Bank for Entrepreneurs.
However, in the broader German banking landscape, other notable players are also making waves. Commerzbank Group, including its subsidiary comdirect bank, ranks among the largest private banks with a comprehensive range of private and corporate banking services. While not specifically highlighted for UHNW market share expansion, Commerzbank's significant physical presence and increasing digitalization make it a key player in the German private banking scene.
BNP Paribas, with its historical presence since 1947, also stands out. Operating via Consorsbank and other entities in Germany, BNP Paribas offers private banking with advanced securities trading capabilities, appealing to private customers including wealthy individuals.
Other banks, such as Frankfurter Sparkasse and KfW, while significant players in the German banking industry, focus more on retail banking and development finance, respectively, and may not be as specialized in UHNW private banking.
While specific 2023 awards or reports citing the "Best Private Bank in Germany" in the UHNW segment were not found, Commerzbank (incorporating comdirect) and BNP Paribas are notable players in private banking with broad service offerings and market presence. Independent rankings commonly favor these names for their comprehensive services, digital transformation, and extensive client base.
For those seeking the latest detailed rankings or specific UHNW market share statistics and leadership awards for 2023, specialized industry reports from wealth management consultancies or private banking ranking publications would provide more targeted insights beyond standard banking overviews.
- Commerzbank and BNP Paribas, with their extensive client base and comprehensive private banking services, have gained notable recognition in the industry, despite not being specifically highlighted for UHNW market share expansion.
- In the broader German banking landscape, Commerzbank and BNP Paribas, with their significant presence and ongoing digitalization, stand as key players competing alongside the Private Bank in the private banking sector, especially among wealthy individuals.
