Swiss lead on private banking

SWISS banks are still a firm favourite for wealth managers the world over, according to a leading survey.

A review by investment magazine Euromoney placed Credit Suisse as the world’s top provider of private banking services, putting the Swiss lender first for the second year running.

The bank knocked Swiss rival UBS off the top spot for the first time last year.

Chief executive of private banking at Credit Suisse Walter Berchtold said: “We are proud to have won this prestigious award, which recognises the strength of our integrated banking business, our global reach and our first-class investment advice and expertise.”

Rival lender UBS continued Swiss dominance of the private banking market, placing top in Euromoney’s ultra-high net worth category.

British lender Barclays broke into the top ten banks globally for the first time, as well as placing top in Western Europe for the super affluent category.

The bank has grown rapidly in the wealth management sector since it established its Barclays Wealth division in October 2006.

The operation held total client assets of £153.5bn at June 30 last year and specialises in providing international and private banking, investment management and brokerage services.

More than 1,500 banking professionals across the world voted in the annual Euromoney ranking, which is based on qualitative and quantitative reviews of private banking services.

The survey includes competitors’ perceptions of the best-performing providers in defined categories.