Philippines' best private bank 2019: BDO Unibank
An increasing number of local and foreign banks now offer private banking services to high net-worth clients in the Philippines. Some local banks excel in this business, none more so than BDO Unibank. Since its establishment in 2003 as the first full-service private bank in the Philippines, BDO Private Bank has consistently introduced new products and services to help clients to meet their diverse financial goals and objectives.
Growth has been impressive. Funds under management surged to P350 billion ($6.7 billion) in 2016, from P7 billion in 2003, providing a resounding vote of confidence in the bank. They continued their upward trend to P401 billion at the end of 2018, a 2.6% increase over the previous year. As of June 30, the bank had 8,245 clients, each with an average of $1 million in assets under management.
“Our industry-leading position is the result of a relentless drive to progressively add value to client relationships by structuring diverse portfolios bespoke to each client’s unique circumstances,” says Albert Yeo, president of BDO Private Bank.
One of the secrets of the bank’s success is the wide selection of domestic and international products that it offers, regardless of provider. Another is its roll-out of digital banking services. That’s a combination that few of its rivals have been able to match so far.