Private Banking Philippines?
Private banking in the Philippines means personalized banking for persons with high net worth. Yong meron kang mga utang pero sobra sobra naman ang assets mo.
Clients are treated as VIPs and pampered with concierge-style banking and related services. Even assistance with non-financial services like travel, dining and shopping are offered by some private banks.
In addition to personalized banking, private banking clients are also offered personalized wealth management, which includes investment management, tax management, trust and estate planning and other financial services.
What’s the minimum net worth to avail of private banking?
Citibank’s Citigold wealth management program requires at least 4.5 million pesos in total relationship balance (TRB), which means total amount of money in savings, checking, time deposit and/or investment accounts with Citibank.
Under their current promo to attract new clients, they give cash credits from 45,000 to 300,000 pesos, depending on TRB. To get the 300k-peso cash credit, one needs to maintain at least 30 million pesos in TRB for 5 months.
Security Bank has a banking product called Gold Circle that offers a concierge service and a VIP lane. It requires just 500,000 pesos in TRB. Its wealth management program requires at least 10 million pesos.
What are the private banks in the Philippines?
There’s only one private bank in the Philippines: BDO Private Bank. It’s licensed as a commercial bank and it’s a wholly-owned subsidiary of BDO Unibank. It’s only BDO that has a separate stand-alone banking entity for its private banking operation.
The other banks, like BPI, Metrobank, Security Bank, Citibank, run their private banking or wealth management operation as one of their divisions/departments, or as part of their non-banking subsidiary, sister company or affiliate company.
BDO Private Bank
BDO Private Bank is ranked 38th among all types of banks in the Philippines, based on total assets as of December 2019, with a total of 34.9 billion pesos in assets.
BDO states 4 objectives for its wealth management clients:
- Privacy and confidentiality
- Financial Planning
- Investment Management
- Wealth Protection and Distribution
It has 8 offices:
- Makati (BDO Equitable Tower on Paseo de Roxas)
- Greenhills (BDO Ortigas Bldg.)
- Binondo (BDO Tower on Dasmarinas St)
- Alabang (Insular Life Corporate Center Tower2)
- Quezon City (BDO Delta Quezon Avenue Bldg.)
- Cebu (Cebu Tower at Cebu Business Park)
- Davao (BDO C.M. Recto Bldg.)
- Ortigas (BDO Corproate Center Ortigas, ADB Ave.)
Wealth Management by Security Bank
Security Bank offers:
- Comprehensive financial planning
- Portfolio Management
- Global Investment Solutions
- Protection and Estate Planning
Security Bank says its partnership with banking giant MUFG enables it to access foreign currency-based securities and other securities managed by MUFG affiliates like Morgan Stanley.
Gold Circle by Security Bank
Here, a big number might be able to join this circle as the minimum is not that high, but the services offered are concierge.
Hindi ka kelangang mayaman. The only requirement is to meet the 500,000-peso total relationship balance across your checking, savings, term deposit, trust and treasury products. At saka you need to apply. Online naman. The service fee for accounts not maintained for 3 consecutive months is 1,000 pesos.
Concierge services offered to Gold Circle and Wealth Management clients:
In partnership with other companies, clients are assisted with the delivery of or ticket purchase for the following: grocery, ready-to-cool meal, restaurant and meal, pharmacy, health and wellness, museums, sports, theater, music, zoos and aquariums, travel, roadtrip, education, children
tips for diverse needs, etc.
Citigold Wealth Management by Citibank Philippines
Citigold clients are offered:
- Premier banking benefits
- Preferential rates
- Citi Prestige Relationship Bonus
- No-annual-fee credit card of choice
- Global Citizen and Global Traveller privileges
- Dedicated Citigold Relationship Manager
- Personalised wealth management
- Wealth management products and services through Citi Financial Services & Insurance Brokerage (CFSI)
- Access to the Citigold Client Advisory Group for wealth building opportunities worldwide
- Use of tools like Citigold Diversification Index and Citi Model Portfolio
Minimum total relationship balance is 4.5 million pesos. Currently, Citibank is giving cash credits from 45,000 to 300,000 pesos to new Citigold clients.
Wealth Management by BPI Asset Management and Trust Corp. (AMTC)
BPI AMTC is a wholly owned subsidiary of BPI and it claims to be the largest standalone trust corporation in the Philippines. It manages more than 580 billion pesos in assets for both individual and institutional investors using local and global investment solutions.
For wealth management clients, BPI AMTC offers the Personal Management Trust and Investment Management Account programs. You will have a
dedicated Investment Counselor to attend to your daily investment needs and requirements.
For beginner savers or investors, the BPI AMTC website offers lots of advice and information here for FREE: BPI Asset Management Wise (Weekly Investment Series)
Maybank Premier Wealth Management
As a Premier Wealth client, you’ll get:
- A dedicated relationship manager
- Local and international Premier Wealth lounges
- 24/7 local and international concierge services
- Preferential rates
- International Maybank Premier Wealth recognition card
- Economic outlook reports
- Invitations to financial and lifestyle events
- Local medical assistance
HSBC Premier Private Banking Philippines
As an HSBC Premier client, you’ll get:
- A dedicated Relationship Manager
- Free-annual-fee HSBC Premier Mastercard
- Premier overseas education
- HSBC global transfers from Hong Kong, Malaysia, and Singapore
- Recognition of HSBC Premier status in all countries where you bank with HSBC
- Premier benefits for your family: Premier Junior Pack and Premier NextGen
- Access to global financial products
You can be a Premier client if you:
- Maintain a TRB of 3 million pesos or its foreign currency equivalent.
- You’ll credit your monthly salary of at least 300,000 pesos or its foreign currency equivalent into your HSBC account (with valid income proof)
- You’re an existing Advance client and you’ve been approved of an HSBC home loan of at least 6 million pesos
How many have millions in their bank accounts in the Philippines?
Based on BSP bank deposit data as of December 2019, these are the number of big bank accounts in the Philippines:
500,000 – 750,000 pesos in bank deposit — 731,873 accounts
750,000 – 1M — 363,910 accounts
1M – 1.5M — 454,165 accounts
1.5M – 2M — 203,760 accounts
2M – 3M — 227,254 accounts
3M – 4M — 109,843 accounts
4M – 5M — 78,346 accounts
Over 5M — 334,929 accounts