What's under the red carpet?

Article Abstract:

There is no clear-cut division between the specialist private banking sector and mainstream banks in the United Kingdom. Many private banks are owned by bigger banks, and big banks have private banking divisions. Critics argue that the big bank are inclined to cross-sell and move staff, rather than focusing on clients. The big banks argue that they do appreciate a need for staff continuity and quality. Lloyds' Geoff Bailey also emphasises that Lloyds products are not sold since the private banking business is independent.

Banking industry

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Target practice

Article Abstract:

The market for private banking is increasing due to the increase in numbers of people with a net worth of $1 million or above. Private banks may specialise in old monay, or focus on newmoney from entrepreneurial activities. There is also segmentation of the market for new money, with some banks taking on younger customers with few assets. The UK private banking market was previously dominated by Hoare and Co and Coutts and Co, but competition has increased and major clearers have set up private banking operations.

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Focus on relationships

Article Abstract:

Competition has increased in the United Kingdom private banking market. The number of wealthy individuals is increasing and they seek better service. EFG Private Bank is the new name of The Private Bank and Trust Co, which is providing a more comprehensive service range. Kleinwort Benson Private Bank is focusing on UK private banking, with Dresdener private banking dealing with international operations. Fleming has expanded its operations in private banking, as has Hambros.

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