Erste Bank will take over 500 private banking clients from ING with combined savings of Ft 20 billion as of December 15, 2006. Erste currently has 120 private banking clients with combined savings of Ft 15 billion.
Erste Bank plans to introduce private banking services at branches in all of the country’s county seats in 2007, Tátrai said. The bank aims to achieve a 20% share of the market within three years, she added. The bank offers private banking services to clients with a minimum saving of Ft 20 million, Tátrai said, adding that the segment manages on average Ft 100 million-Ft 120 million per client. The assets managed by banks’ private banking services is expected to grow by 10% annually in the next two-to-three years in the Central-East European region as against 7%-8% in countries with more developed financial markets, Tátrai said citing a survey.
Erste Bank had a stock of retail deposits of Ft 385 billion at the end of September, giving it a 6.3% share of the market. It managed Ft 311 billion in funds, giving it a 12.2% share.
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