Private banking: Foreign firms target US wealth clients

02-Feb-2015 #Globalwealth Source: Euro Money

The Asia-Pacific was a big player in the private banking industry not that long ago. However, presently many foreign banks have had to scale back those ambitions and refocus on what was often the toughest market for non-domestic players – the US. Foreign banks have also struggled to compete with domestic US banks and the US tax avoidance scandals and heightened disclosure requirements have made doing business in the US even more challenging.

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