Huge potential for private banking cannot be dismissed in Colombo, Sri Lanka. Accumulation of wealth in the hands of the top echelon has given added fillip for the need of specialised services such as private banking.
Private banking deals with financial advice and management of money, investment and assets belonging to high net worth clients (HNTC). These clients may be wealthy individuals or big corporates. In the case of individuals private banking plays purely the role of wealth manager. A private banker to a HNTC provides advisory and management of wealth including trust services. These trust services include wills and inheritance, pensions, taxation, and advising and managing of charity and donations. Corporates, on the other hand do not require these services as they have departments within their corporate office to deal with these discreet matters. Both individuals and corporates look for common private banking services including money management, investment management and asset management along with financial advisory. They also seek estate management dealing with management of lands and real estate, custodial services dealing with scripts and bonds and funds transmission domestically or as cross border facility. Few customers might require emergency or bridging finance on fully secured basis. Some of the large private bankers such as Coutts of UK and Northern Trust Corporation of USA provide every conceivable service under the banner of private banking.
Private banking thrives in countries that have financial centres, commercial hubs and industrial zones. Moreover, private banking is in demand where accumulation of capital is so much skewed that only a minor percentage of population possesses immense wealth.
Colombo as financial centre of Sri Lanka is fast becoming a business, financial, commercial and industrial centre. Almost all the HNTCs have offices or residences within the municipal limits of Colombo.
Business Opportunity
- Existing private bankers can open a branch or window in Colombo to share in the growth momentum taking place
- Corporates or wealthy individuals can team up to establish a new private banking office in Colombo to get plum and juicy clients, who are wealth boomers but hitherto not exposed to sophistications of private banking but are willing to be on board nonetheless
Inquiries are welcome from prospective bankers, corporates or wealthy individuals who wish to either open a branch/window or form a brand new private banking office. Get a piece of action in private banking in Colombo Financial Centre.
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