Ukrainian Ðrivate Banking vs. common same-name business in Europe

Oleksiy Aleksandrov, Director of Private Banking Service, JSCIB “UkrSibbank”:

There may be distinguished two complementary lines: onshore and offshore private banking. In other words, onshore Private Banking deals with service rendering for well-off clientele or HNWI (High Net Worth Individuals – customers with a high level of capital) within the specified territory – state. As a rule, this line of business provides services in order to satisfy constant financial needs of the customers, their families, and is regulated by the laws of that state. In this case Ukrainian Private Banking has much in common with, say, Russian or Czech or Italian business. We are a typical onshore Private Banking line.

The second one, wide-spread line of business, offshore Private Banking is specialized in global capital management (meaning the capital management of all geographical coverage of a client). This is called the trust management, a package of trust-based services, extended offer of investment, financial and tax planning programs, etc. Among the world-known countries – brands of this line of business – are Switzerland, Luxembourg, Monaco, and Liechtenstein.