Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Five areas of excellence determine the success of an offshore banking operation 2
Multiple currency accounts are critical 2
Discretionary asset management focus differs between centers 2
Trusts tend to be offered through subsidiaries or partners 3
Sufficient access to RMs is a cornerstone of offshore banking 3
Transfers between centers must be simplified, or there is a risk of losing the client to 'onshore' banking 3
Table of Contents 4
Table of figures 5
Table of tables 6
Who are the Offshore Clients? 7
The offshore client base is balanced within most centers, with clients domiciled worldwide 7
Only banks in Jersey, Guernsey and the Isle of Man source their clients predominantly from the local region, making them vulnerable to single country tax amnesties 7
Why do clients have relationships with banks in these centers? 9
Jersey 9
Guernsey 9
Isle of Man 9
Switzerland 9
Hong Kong 9
Singapore 10
Offshore Excellence Model: Peer Group Offerings 11
Bank account excellence 11
Multiple currency accounts 11
The peer group offerings: multiple currency accounts 13
Abbey International 13
Barclays Wealth International 14
Citi International Personal Bank 15
HSBC International 16
Lloyds TSB International 17
DBS Bank Hong Kong and Singapore 18
Standard Chartered 19
Debit and credit cards 20
The peer group offerings: debit and credit cards 20
Abbey International 21
Barclays Wealth International 21
Citi International Personal Bank 21
HSBC International 22
Lloyds TSB International 22
The Asian card offerings: DBS Bank and Standard Chartered 22
Competitive interest rate products 23
Investment excellence 27
Discretionary and advisory asset management 27
The peer group offerings: discretionary and advisory asset management 28
Abbey International 29
Barclays Wealth International 29
Citi International Personal Bank 29
HSBC International 29
Lloyds TSB International 29
Credit Suisse 30
UBS 30
Alternative investments and structured products 31
The peer group offerings: alternative investments and structured products 32
Abbey International 32
Barclays Wealth International 32
Citi IPB 32
HSBC International 33
Lloyds TSB International 33
DBS Bank 33
Standard Chartered 34
UBS 34
Ancillary services excellence 35
Trusts and corporate structures 35
The peer group offerings: trust services 36
Abbey International 36
Barclays Wealth International 37
Citi International Personal Bank 37
HSBC International 37
Lloyds TSB International 37
DBS Bank 37
Standard Chartered 37
UBS 38
Credit Suisse 38
Technological excellence 38
Sufficient access to RMs 38
Transactional website 39
The peer group offerings: access to RMs and transactional websites 40
Abbey International 40
Barclays Wealth International 40
Citi International Personal Bank 41
HSBC International 41
Lloyds TSB International 41
DBS Bank 41
Standard Chartered 41
Customer services excellence 42
Living the brand 43
A Named Relationship Manager 45
Easy transfer between centers 48
APPENDIX 49
Definitions 49
Domicile 49
Offshore 49
Methodology 49
Further reading 49
Ask the analyst 49
Datamonitor consulting 49
Disclaimer 50
List of Tables
Table 1: Abbey International multiple currency accounts 14
Table 2: Barclays Wealth International multiple currency accounts 15
Table 3: Citi IPB foreign currency deposits 16
Table 4: HSBC International foreign currency accounts 17
Table 5: Lloyds TSB International's foreign currency deposits 18
Table 6: DBS Bank foreign currency accounts 19
Table 7: Standard Chartered foreign currency accounts 20
Table 8: Abbey International's deferred debit card fees, May 26, 2010 21
Table 9: The peer group: no notice* account interest rates 25
Table 10: Highest earning offshore no notice accounts, May 2010 25
Table 11: The Peer Group: notice account interest rates 26
Table 12: Highest earning offshore notice account interest rates 26
Table 13: The Peer Group: other higher interest options 27
List of Figures
Figure 1: Western Europe is an important source of offshore clients for all of the centers 7
Figure 2: The Channel Islands, IoM and Switzerland are all heavily reliant on a single domicile within Western Europe 8
Figure 3: The building blocks of the Offshore Excellence Model 11
Figure 3: Multiple currency accounts will be in demand among offshore clients across all regions 12
Figure 4: Japan, Hong Kong and Singapore have the highest card penetration rates in Asia Pacific 23
Figure 6: Highest interest rates are among the most important features of deposit and savings accounts for offshore clients 24
Figure 6: Offshore clients demand advice, so offshore banks should provide it 28
Figure 8: Discretionary and advisory asset management are important in attracting new offshore business for the European centers 30
Figure 8: More than a quarter of offshore client portfolios in Asia Pacific are in alternative investments today, making them critical features of an offshore proposition 31
Figure 9: Capital protected products in particular are strong attractors of new offshore business 35
Figure 10: Banks in the Channel Islands and IoM must have excellent trust services to fulfill their clients' main motivations for putting money offshore 36
Figure 11: With a significant proportion of offshore clients geographically 'mobile', it is critical to be available when they need you 39
Figure 13: Regular website usage may be fairly low, but a transactional website is used by a majority of offshore clients 40
Figure 14: At least half of all offshore banks recognize that excellent customer service is what drew their clients to them 43
Figure 15: Brand identity is a critical determinant of offshore banking service 45
Figure 16: Personalized service is particularly important among Europe-based offshore clients in the Channel Islands, the IoM and Switzerland 46
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