London remains one of the three principal private banking centres alongside Switzerland and Singapore, and the natural booking centre for clients whose affairs are governed by English law or who hold sterling assets. The institutions with substantial London private banking operations include HSBC Private Banking, Citi Private Bank, Rothschild and Co, Coutts, Barclays Private Bank, J.P. Morgan Private Bank and the London offices of the Swiss houses.
The distinction that matters for a UHNW client is between a bank that books and manages the relationship in London and one that uses London as a relationship office for a Swiss or Channel Islands booking centre. Both models are legitimate; they have different implications for regulatory protection, reporting and lending.
London private banks are supervised by the Prudential Regulation Authority and the Financial Conduct Authority. The UK has extensive automatic exchange of information agreements; discretion in the traditional sense is not a product on offer.
What to Look For in a London Private Banking Professional
- Whether London is the booking centre or a relationship office
- Lombard and property lending appetite, since many clients use the bank to finance super-prime acquisitions
- Multi-currency and multi-jurisdiction capability if your assets are not primarily sterling
- Minimum relationship size, typically GBP 5 million and up at the larger houses