Winners rationale

As one of the first domestic banks to launch a comprehensive private banking business in Taiwan in 2013, Cathay United Bank (CUB) Private Bank has, within the span of a few years, achieved an edge over both international and domestic peers.

Taiwan’s private banking scene used to be marked by restrictive regulations at home and for a long time, it had been dominated by international banking giants. But with the introduction of CRS (Common Reporting Standard) in 2017 by international governance bodies to fight tax evasion and favourable repatriation tax policy, demands for comprehensive local private banking services soared.

Riding on the opportune circumstances and its existing retail banking capacities, CUB has expanded its private banking services throughout Taiwan, with several offices launching successively in Taipei (2013), Kaohsiung (2014), and Taichung (2015). To better meet the clients’ offshore needs and allow more mobility in their assets, CUB has been building up offshore infrastructure in Hong Kong and Singapore (scheduled to launch in 2020), connecting Taiwan with two major financial centres in the region.

In terms of services and products, CUB not only offers comprehensive wealth inheritance and transfer tools but also affords flexible lending facilities through the pledging of local stocks and real estate. On the other hand, the tailor-made services and a great variety of product offerings among different asset classes by the private bank distinguish it from many local competitors.

In 2019, AUM growth for CUB Private Bank continued to be strong at 10% YoY, and net new assets grew at 20% YoY. In the last few years, its number of clients has increased by 50% per year on average. The bank demonstrated commitment to talent acquisition and training in 2019, while its team of RMs and investment advisors had an average of 15-20 years of experience.

Its dedication to serving HNW clients within and without Taiwan has earned it the reputation of providing the “real PB service”. Cathay United Bank Private Bank is Asian Private Banker’s Best Private Bank – Taiwan Domestic for 2019.