Winners rationale

Placing itself at the centre of the race to capitalise on the ‘Philippines opportunity’, BDO Private Bank has once again emerged as the preferred domestic bank for the nation’s wealthy, demonstrated by its consistently strong performance and significant growth since it was acquired by the country’s largest lender, BDO Unibank, in 2003. As it stands, the wholly owned subsidiary is the only onshore institution of its kind offering the Philippines’ emerging wealthy, HNWIs, and UHNWIs services comparable to its multinational offshore counterparts.

Although 2018 proved tough for emerging markets, BDO Private Bank leveraged its local knowledge and reputation, leading to an increase in HNW client numbers, revenue, and AUM. HNW clients, with combined assets under management of PHP 390 billion, contributed 42% of the firm’s total revenue as of end-October 2018, up from 34% at end-October 2017. Total revenues from this segment increased by 19.4% year-on-year.

The bank’s relationship management group utilises a unique three-pronged business model that incorporates research and investment management, wealth structuring, and asset servicing. Private clients have dedicated access to one of BDO Private Bank’s 55 relationship managers, who are backed by a 13-strong team of wealth advisors, as well as eight customer lounges across the country.

In addition to unfettered access to arguably the Philippines’ most experienced team, clients benefit from the private bank’s full-spectrum, open-architecture product platform, which is supported by research, advisory, execution, and administration services. To meet and protect the long-term investment needs of its client base and mitigate volatility, BDO Private Bank encourages diversification across asset types, currencies, and sectors, and thus its product shelf includes multi-currency deposits and securities, foreign exchange, and derivatives.

To not only grow but also preserve the wealth of its clients across generations, the private bank offers its HNW clients wealth structuring services which include a dedicated wealth and legal advisor, discretionary portfolios that are monitored daily, and financial planning that incorporates individuals’ unique circumstances and requirements. Further, BDO’s Wealth Advisory & Trust Group offers trust, legacy, life insurance, corporate engagement, as well as will and testament services.

BDO Private Bank’s client-centred approach, world-class offerings, and value-added services — including setting up new business ventures for clients, top-quality education, and philanthropy solutions — has led to its success amongst the high net worth population of one of the most promising private banking markets globally.

For the fourth year running, BDO is Asian Private Banker’s Best Private Bank – Philippines Domestic for 2018.