Private banks expand cross-border partnerships and family office platforms

Private banks and family offices expanded their global reach this week through partnerships, acquisitions and new platforms. DBS signed a cross-border wealth management alliance with Samsung Securities, Arab Bank Switzerland established a licensed platform in Dubai International Financial Centre (DIFC), and Standard Chartered partnered with BlackRock to launch a new Asia Pacific multi-asset fund.

Family office activity also accelerated, while AI-driven private banking innovation and global wealth grew at their fastest pace in nearly a decade, highlighting broader industry momentum.

Read more on the week's key developments:

DBS and Samsung Securities forge a cross-border wealth alliance

DBS and Samsung Securities signed a memorandum of understanding (MOU) on 2 July that will allow DBS clients to access Samsung Securities' Korean capital markets capabilities while Samsung clients gain access to DBS's global wealth platform. The partnership also covers joint advisory services and collaboration on AI in wealth management. A definitive agreement will be negotiated later.

DBS chief executive Tan Su Shan described Asia as one of the world's fastest-growing wealth markets, while Samsung Securities chief executive Park Jong-moon said the partnership strengthens Korea's role within Asia's wealth ecosystem. For DBS and Samsung Securities specifically, the MOU is a lower-cost route to cross-border client access than acquiring a licence or a local business outright, though its value will depend on the scope agreed in the definitive partnership still to be negotiated.

Arab Bank Switzerland opens a licensed Dubai platform for Gulf wealth clients

Arab Bank Switzerland launched Dubai Financial Services Authority-regulated ABS (Middle East) Limited in DIFC and appointed Samir Atitallah as chief executive, marking its transition from cross-border servicing of Gulf clients to a permanent licensed presence.

The new business provides wealth management services across the Middle East and includes dedicated family office coverage under Michel Sarfati, formerly of First Abu Dhabi Bank. Arab Bank Switzerland said the expansion forms part of its long-term UAE strategy. The bank manages close to $25 billion in assets following its 2022 acquisition of Gonet. DIFC Authority chief executive Arif Amiri said the bank's arrival adds to an ecosystem of more than 290 banks and financial institutions already operating in the centre, evidence of how Swiss private banks are converting long-standing Gulf relationships into licensed local platforms rather than servicing them from abroad.

Evertern Wealth secures Swiss banking access through a Vontobel alliance

Evertern Wealth, a Naples, Florida-based multi-family office (MFO) launched by a team of UBS breakaways, announced on 30 June a strategic alliance with Vontobel Swiss Financial Advisers, a Vontobel Holding subsidiary with $304.6 billion under management as of 31 December 2025. The tie-up gives Evertern clients allocated physical gold storage in Switzerland, multi-currency banking, international custody and foreign-exchange management, layered onto its existing US custody relationship with Goldman Sachs.

The arrangement targets entrepreneurs and multigenerational families with cross-border banking needs and illustrates how US MFOs are embedding international capabilities directly into their platforms instead of referring clients externally for offshore banking and structuring.

BBVA launches MFO platform for Spain's wealthiest

BBVA launched an MFO service in Spain on 1 July for high-net-worth clients, led by Cesar Solera and an initial team of 10 specialists. The unit sits in a separate, unregulated company wholly owned by the group, a structure BBVA says removes commercial bias and lets it consolidate a client's holdings across other banks, not just its own. Solera said the structure's independence guarantees bias-free, neutral management.

The offering combines investment management across public and private markets with wealth planning, governance, succession, philanthropy, art advisory and lifestyle services. BBVA Spain private banking director Fernando Ruiz said the platform reflects growing demand for integrated wealth management. Spain is the initial market, with international expansion already planned.

DIFC invests in succession planning to retain family wealth

DIFC's Family Wealth Centre graduated the first cohort of its invitation-only NextGen Leadership Programme on 1 July. Delivered with PwC, Al Tamimi & Company and UBS, the seven-day programme covered entrepreneurship, taxation, legal structures, governance and portfolio construction.

The initiative aligns with the UAE's designation of 2026 as the Year of the Family and the National Family Growth Agenda 2031. DIFC Authority chief executive Arif Amiri said the programme addresses growing demand for structured governance and leadership education among family enterprises. With more than 1,250 family-related entities and over 600 supporting wealth firms, banks and advisers, the centre is extending its focus from attracting capital to retaining it across generations.

Corient extends into France through the Letus Private Office deal

Corient announced on 30 June that it has agreed to acquire Letus Private Office, a Paris-based MFO serving entrepreneurs and ultra-high-net-worth (UHNW) families across France and Europe with about $5 billion in assets. It is Corient's fourth European acquisition, following Stonehage Fleming and Stanhope Capital Group, which together added more than $214 billion in client assets, and a pending deal for Geneva's Bedrock Group, which manages about $10 billion. Letus takes Corient's global assets under management (AUM) to roughly $523 billion.

Founded in 2016 and led by managing partners Anice Chlagou, Stephen Lasry and Alexandre Tsouli, Letus's partners will become Corient partners on closing. Chief executive Kurt MacAlpine said Letus is redefining exceptional family office service. The deal continues a wave of cross-border consolidation among MFOs seeking scale, with Corient building reach through bolt-on acquisitions rather than organic growth in any single market.

Standard Chartered and BlackRock launch Asia Pacific multi-asset fund

Standard Chartered announced on 6 July the launch of Signature Select APAC Allocation Plus, an Asia-focused multi-asset fund under its Variable Capital Company (VCC) platform, with BlackRock as sub-manager. The fund invests across equities, fixed income and liquid alternatives, targeting long-term capital appreciation and income for accredited and professional investors across the bank's priority, priority private and private banking segments, launching in Hong Kong, Singapore, the UAE, Jersey, Malaysia, Kenya and Nigeria, with more markets to follow.

Sumeet Bhambri, Standard Chartered's global head of advisory and managed investments for wealth solutions, said the fund pairs its open-architecture platform with BlackRock's multi-asset capabilities to give clients an institutional-quality regional solution. Andrew Landman, BlackRock's deputy head of Asia Pacific and head of Asia Pacific wealth, pointed to strong regional growth prospects and underappreciated Asian assets as the case for active investing. The launch is Standard Chartered's eighth sub-fund and third of 2026 under a VCC platform built since June 2024 to bring hard-to-access, custom-curated strategies to its wealth clients.

OCBC launches AI avatar banking for wealthy clients

OCBC introduced OCBC WoW on 1 July, an application featuring AI avatars Wendy and Wayne that provide round-the-clock wealth management through voice and text. The service combines real-time market information, OCBC research and each client's portfolio and transaction data to deliver personalised guidance. The beta launch is initially limited to OCBC Premier Private Client customers with at least SGD 1.5 million ($1.2 million) under management, with broader rollout planned later.

OCBC Group chief executive Tan Teck Long said the platform transforms personalised banking into a practical client experience. The launch extends OCBC's AI strategy into direct client engagement while narrowing the service gap between affluent and private banking customers.

Global wealth rises 10.8%, fastest in nearly a decade

UBS's Global Wealth Report 2026, published on 30 June, found global personal wealth rose 10.8% in dollar terms in 2025, the fastest pace since 2017 and up from 4.6% in 2024. The global billionaire count reached 3,302, up 13.1% year on year; dollar millionaires rose 1.5%, adding nearly one million people worldwide. Growth was strongest in Europe, the Middle East and Africa (EMEA) at 17.5%, ahead of the Americas at 8.5% and Asia-Pacific at 5.9%, where the region's share of global wealth fell to 32.8% from almost 36% in 2024.

Co-presidents Iqbal Khan and Robert Karofsky called the shift a source of both complexity and choice for clients, and said disciplined stewardship now matters more than ever. Separately, UBS's Global Family Office Report found Middle East family offices planning the highest level of portfolio change of any region, with 82% intending to adjust allocations. The regional divergence, driven partly by dollar depreciation, is steering client conversations toward geographic diversification and reinforces why Swiss, Singaporean and Gulf wealth managers are expanding into EMEA.

Deutsche Bank's retreat from local wealth deepens as Kotak buys its India business

Deutsche Bank announced on 30 June that Kotak Mahindra Bank will acquire its retail banking, affluent private banking and wealth management business in India, marking the bank's second attempt to exit the business after an earlier sale process was abandoned in 2017.  The business comprises roughly INR 29,000 crore ($3.5 billion) in loans, INR 16,000 crore ($1.9 billion) in deposits and INR 10,500 crore ($1.3 billion) in AUM, serving around 150,000 customers through 1,000 employees. Completion is expected by September 2027, subject to regulatory approvals including clearance from the Competition Commission of India.

The India exit extends a pattern: Deutsche Bank sold its retail and wealth units in Poland in 2018 and Portugal in 2019, part of a broader narrowing toward corporate banking, investment banking and institutional wealth management in its core markets.

What to watch next

Standard Chartered's Signature Select APAC Allocation Plus fund is expected to expand beyond its seven launch markets, the bank's third new sub-fund of 2026. Kotak Mahindra Bank's acquisition of Deutsche Bank's Indian wealth business remains the largest transaction still to close, targeted for September 2027 pending Competition Commission of India approval. Meanwhile, DBS and Samsung Securities have yet to announce a timeline for the definitive agreement expected to follow their MOU.