New Study from MyPrivateBanking.com: Private Banking Lacks Customer Orientation - Nordea, Sal. Opp and UBS Are Exceptions

Swiss survey shows considerable shortcomings in leading European private banks
ZURICH--(Business Wire)--
The majority of the large European private banks do not adequately address the
needs of their clients. This is the key finding of a study conducted by
MyPrivateBanking.com, the independent platform for clients of private banks.

The study identifies three main shortcomings of the analysed banks:

* Clients are not listened to: More than 25% of the advisers who were tested
practically asked no questions at all.
* Investment not in consensus with the client`s needs: More than half the banks
presented an investment proposal that did not adequately take the client`s risk
appetite into account: In more than 25% of the cases, the proposed investment
was even completely opposite to the customer`s preferences.
* Misleading cost proposals: One third of the banks had fee structures that
included a significant amount of hidden costs, through a large number of managed
funds and in-house products.

"We were surprised by the high percentage of banks that did not address the
investment goals of the customer adequately and just recommended their
off-the-shelf proposals." says Christian Nolterieke, Managing Director of
MyPrivateBanking.com.

The private banking of Nordea, Sal. Oppenheim and UBS received overall the best
ratings.

* The Scandinavian bank Nordea is the winner and impressed by its extensive
customer mapping and an investment proposal that showed that the bank had
understood the needs of the customer fully.
* The German private bank Sal. Oppenheim was ranked second and offered a very
cost efficient proposal that also did full justice to the client needs.
* The Swiss UBS showed a particularly high level of professionalism in its
interactions with customers.

"On average, all surveyed banks attained only 52 of a total of 100 possible
points. A very mixed result" says Steffen Binder, Research Director of
MyPrivateBanking.com. "However, there were big differences among the banks and
not only our winners showed good approaches."

About the study:

In 2009, analysts of MyPrivateBanking.com visited the Swiss offices of twenty
leading European private banks as test customers. More information and download
the full study here.

About MyPrivateBanking.com

MyPrivateBanking.com is an independent, global platform for private banking
clients. Please check www.myprivatebanking.com

MyPrivateBanking.com
Christian Nolterieke, +41(0)71 670 0489
media@myprivatebanking.com

Copyright Business Wire 2009