The natural optimism of the seasoned Asian private banker has been hard to dent.
It has withstood by the implosion of BSI in Singapore, the private banking operation found culpable of anti money laundering failings, and the continuing problem that Asia has the some of the lowest private banking margins in the world — a factor in the withdrawal of some banks from the region.
In fact, ABN Amro’s recent sale of its business to LGT Bank has been spun into a benefit by some rivals. One less competitor for a market that bearish analysts describe as one of the most overbanked in the world — but also undoubtedly home to some of the deepest pockets among the new generation of Asian super-rich that may require private banking help in the future.