Private banks manage wealth of Turkey’s elite
Posted by meb at February 5th, 2008
Turkey’s private banking units manage $15 billion belonging to the ’super rich’ families of Turkey, said Fikret Önder, assistant managing director for private banking at Akbank, which received Turkey’s best ‘private banking’ award from the United Kingdom-based finance magazine Euromoney.
“Based on surveys, there are 22,000 families in Turkey that can be defined as ‘super rich.’ The wealth of these families surpasses $100 billion. ‘Private banking’ units in Turkey manage $15 billion of this money with Akbank Private Banking leading by handling $8 billion of these,” said Önder.
Private banking award:
The annual private banking awards provide a qualitative and quantitative review of the best services in private banking, by region and by areas of service. It is an informative guide for high net-worth individuals on the range of service providers that are available. Private banking assets under management hit $7.6 trillion, a 128 percent increase on a yearly basis. Net income growth for private banking industry is averaging 44 percent each year globally with the fastest growth coming in China.
The world’s 10 million ‘super rich’ families hold wealth of $37.2 trillion, said Önder. “Half of this wealth benefits from the private banking service and 64 percent of it is based in the United States, Japan, Germany, the United Kingdom and France.” In recent years, the number of Chinese rich people has increased, said Önder. “In Turkey, we regard people that have assets over $500,000 to direct to savings as a potential customer. For example, persons staying in their own houses of $2 million cannot be our customers with this asset alone. However, if they have an additional house worth $500,000, they can become our customers.” The limit of benefiting from private banking service in the world is $1 million on average, said Önder.
Akbank has private banking branches in Istanbul, Ankara, İzmir, Adana and Bursa, said Önder. “We provide services with one private customer manager per 60 customers. We take care of customer privacy and hence strengthen mutual trust. We may provide stock sale purchase service even in the South African stock exchange for those that demand it.” The highest individual wealth Akbank Private Banking manages is approximately $1 billion, said Önder.
Turkey’s 22,000 ‘super rich’ families hold $60-70 billion of their total $100 billion abroad, said Önder, adding that there may be some returns to Turkey in case private banking services are encouraged.
Source: Turkish Daily News
Related posts:
