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Erste wins Best Private Bank awards for CEE and Austria

posted onNovember 28, 2020
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Erste Group Bank AG has won the ”Best Private Bank in Central and Eastern Europe” title in the newest edition of the Global Private Banking Awards organized jointly by The Banker and PWM. Erste Private Banking also received the ”Best Private Bank in Austria 2020” award from these two professional journals, which are part of the Financial Times group.

Erste Private Banking offers a full spectrum of wealth management services through a broad regional footprint operating in six countries (Austria, the Czech Republic, Slovakia, Romania, Hungary, and Croatia) and lending, investing and protecting money on behalf of 20,000 clients in CEE and worldwide. Across all CEE countries, Erste Private Banking’s focus in 2019 was on further rebalancing portfolios, with investment products overall generating a robust year-on-year growth of 10.3% in assets under management.

“We broadened our portfolio with new investment products and structures developed exclusively for private banking, with special focus on discretionary portfolio management and ESG solutions,” explains Michael Tröthann, Head of CEE Retail Sales and Business Development.

Erste Headquarter

(Erste Bank, Vienna, former headquarter © Erste Bank / Helmut Lackner)

Best Private Bank in Austria 2020

Erste Private Banking’s latest win in the Austria category marks the fifth time in a row that the publications have recognized it as the providing the best private banking services in the country.

“In times like these, private banking is all about having a balanced portfolio, which is why our advice focuses on ensuring the right asset allocation for our clients,” says Thomas Schaufler, the board member responsible for private and retail banking at Erste Bank Oesterreich. “Our consulting takes place across all channels, with hybrid or cross-channel advisory offerings becoming ever more important. Our customer decides how he or she wants to receive our insights and advice, wherever and whenever that might be. Traditional bank opening hours are definitely a thing of the past in private banking.”

Global Private Banking Awards - Excellence in Wealth Management

In order to determine the recipients of the Global Private Banking Awards, a judging panel composed of 15 leading industry professionals worked through the entries of more than 120 private banks and compared their achievements on the basis of key figures in the areas of portfolio management, asset allocation, risk management, diversity, growth strategies, customer care, sustainable and impact investing, business models, succession planning, philanthropy services, staff retention, education and training of private bankers, business continuity measures in response to COVID-19 and, last but not least, innovation.

Erste Group was founded in 1819 as the first Austrian savings bank. In 1997, Erste Group went public with a strategy to expand its retail business into Central and Eastern Europe (CEE). Since then its customer base has grown through numerous acquisitions and organic growth from 600,000 to more than 17 million. Today, Erste Group, with over 50,000 employees, is one of the largest financial services providers in CEE in terms of clients and total assets.