Cathay United Bank (CUB) Bags Its 5th Best Domestic Private Bank Award (Taiwan) and Gets Green Light to Continue Wealth Management 2.0
TAIPEI, March 18, 2024 /PRNewswire/ -- Cathay United Bank (CUB) kicked start the new year with good news from its private banking business. CUB Private Banking has been named "Best Domestic Private Bank (Taiwan)" by Asian Private Banker for the fifth year in a row, the only financial institution in Taiwan to achieve this great feat. Moreover, the private bank also received the green light from the Financial Supervisory Commission (FSC) to continue rolling out the Wealth Management 2.0 service targeting high-net-worth individuals (HNWIs). These achievements indicate that both the government and the public recognize CUB's effort to provide comprehensive services to uncover the needs of HNWIs. CUB Private Banking adopts a "portfolio-based approach" to manage clients' assets. In 2023, the private bank was the first in Taiwan to launch non-securities investment trust offshore funds (non-SIT offshore funds), leading Taiwan's private banking sector to keep up with the global financial market and giving clients more options for making investments.
Robert Fuh, Chief Executive Officer of CUB Private Banking, pointed out that, in addition to customized portfolio advisory services, comprehensive investment vehicles are also a must for agile asset allocation because HNWIs who are seeking to grow their wealth in a stable way have clear investment goals. To this end, in 2019, CUB Private Banking formed an alternatives advisory team by recruiting professionals who have over 10 years of experience in the financial sector and are familiar with global capital market investments. Then in 2023, the private bank took its services to the next level by introducing non-SIT offshore funds, the first trust-based investment vehicle in Taiwan. In the same year, CUB Private Banking established a portfolio advisory team to formulate bespoke portfolio strategies for HNWIs and provide timely and holistic advisory services to meet their ever-increasing needs. Mr. Fuh underscored that CUB Private Banking is getting the lion's share in the private banking market as it recorded a double-digit AUM growth (CAGR) over the past decade. The private bank would not be where it is today without its persistent dedication to advancing portfolio advisory services and the strong line-up of investment and advisory professionals. In addition to the Taiwan market, CUB Private Banking has expanded its services to Hong Kong and Singapore and, for the years to come, will relentlessly upgrade its private banking services to develop more high-quality, sophisticated financial offerings for clients in these markets.
SOURCE Cathay United Bank
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