Best bank for HNW in Taiwan 2021
CTBC Bank is a front-runner in Taiwan’s banking sector, with an extensive branch network and international reach. Its private bank is no exception and, despite the disruption of the Covid-19 pandemic, it had a stellar 2020.
Assets under management at the bank’s wealth division rose 31% year on year, while the number of clients increased 36.6% and total private banking revenue jumped 73.3%, bringing in NT$4.5 billion ($161 million) in net new money last year.
CTBC recently added several new products to its repertoire. In late December, Taiwan’s Financial Supervisory Commission awarded the bank a licence to provide new types of wealth management programmes to high asset customers – defined as those investing more than NT$100 million.
The programmes allow it to offer eight new financial products or services, including foreign currency-denominated structured notes, as well as derivatives linked to the domestic benchmark index or other indices in the local stock market. Under the leadership of Amy Yang, chief executive of retail banking, CTBC was one of three firms to get the licence, out of nine that applied.