Best pure play private bank in Hong Kong 2023
Being the newish kid on the block in Zurich hasn’t slowed EFG Bank’s journey to big-time status in Asia.
Within just 27 years in the business, EFG has made steady and notable inroads into the world’s most dynamic economic region. Its performance in 2022 is a case in point. Despite extraordinarily turbulent times in global markets and chaotic geopolitics, EFG held its own.
In Hong Kong, specifically, EFG’s net new assets remained consistent despite external pressure; it added net new assets of CHF113 million ($121 million) in the first half of 2022.
The secret to EFG’s success in Asia is its entrepreneurial approach to private banking, which is reflected by its focus on chief relationship officers. This approach allows bank staffers to provide superior service and cultivate continuity and long-term relationships with clients.
The model means that a client can stick with the same relationship officer throughout their life phases with EFG, regardless of their country of residence or scale of wealth. This allows relationship officers to build their own teams and have individual profit and loss ledgers. It makes for a transparent compensation model directly linked to performance and conduct, incentivizing staff to go the extra mile.