Table of Contents
- CHAPTER 1 EXECUTIVE SUMMARY
- Economic factors
- Hungary
- Poland
- The Czech Republic
- Market context
- Competitive developments
- Hungary
- Poland
- The Czech Republic
- Client trends and needs
- Hungary
- Poland
- The Czech Republic
- Future market developments
- Hungary
- Poland
- The Czech Republic
- CHAPTER 2 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
- CHAPTER 3 ECONOMIC FACTORS
- Introduction
- Economies in the examined CEE states have witnessed healthy growth
following the EU accession
- Overview of the current economic situation in each of the examined CEE
states
- Hungary - the lack of fiscal discipline may threaten the planned
introduction of the Euro in 2010
- Poland - political differences may delay the introduction of the
Euro to 2012
- The Czech Republic - record low interest rates are boosting credit
expansion
- GDP growth in all three countries has been strong since 2002
- Stock markets have recovered well following the declines of 2001
- On average, CEE citizens save more and enjoy more equal distribution of
wealth than people in Western European countries
- National savings ratios are relatively high in all three countries
- According to the Gini Index, the distribution of wealth in the Czech
Republic is more equal than in other CEE states
- Data tables
- CHAPTER 4 MARKET CONTEXT
- Introduction
- Wealthy customers account for a tiny proportion of adult population in
the examined Central & Eastern European markets
- In terms of onshore liquid assets, Poland has the most potential
- The Polish HNW market may be the most populous, but the Hungarian HNW
market is showing the most growth potential
- The number of HNWs in Hungary and the value of their assets has
registered strong and consistent growth since 1999
- The number of HNW customers in Poland and the value of their assets
have experienced a slow down in growth levels in recent years
- The number of HNWs in the Czech Republic has grown more modestly
- Mass affluent by country
- The number of mass affluent customers in Hungary and the value of
their assets has grown strongly since 2002
- Polish mass affluents and their assets suffered during 2001-2002
period but recovered strongly in recent years
- The recent growth of mass affluent segment in the Czech Republic has
been more subdued than in the neighboring CEE countries
- Polish investors are ahead of their neighbours where the value of their
investments is concerned
- The vast majority of Hungarian investors prefer retail deposits to
other investment products
- Polish retail investors have much more diversified portfolios than
their CEE neighbors
- Retail investors in the Czech Republic remain the most conservative
among their neighbors
- Data tables
- HNW tables
- Mass affluent tables
- Retail savings and investments data tables
- CHAPTER 5 COMPETITIVE DEVELOPMENTS
- Introduction
- The CEE banking landscape is dominated by strategic foreign investors
- HVB/UniCredit merger will drastically transform the CEE banking
landscape
- The biggest effect of the merger will be felt in the Polish banking
market
- Hungary - a recognition of the market's growth potential has resulted in
fierce competition for private banking clients
- A period of further consolidation is likely for the Hungarian banking
sector
- The private banking landscape is dominated by subsidiaries of
international banks
- Raiffeisen Bank is the undisputed private banking leader
- The Hungarian private banking market is becoming increasingly crowded
- Poland - already hotly contested wealth management sector faces further
consolidation
- Recent consolidation has led to domination by foreign competitors
- Relative underdevelopment of the private banking sector offers
considerable future potential
- Private banking pioneer, BRE Bank, is still the strongest competitor
in the sector
- The Czech Republic - private banking client segment is considered to be
the most attractive in the CEE
- Foreign competitors enjoy a position of complete domination in the
Czech banking market
- Established private banking subsidiaries are being challenged by
specialized niche players
- Foreign competitors also dominate the domestic private banking sector
- CHAPTER 6 CLIENT TRENDS AND NEEDS
- Introduction
- Hungary - conservative clients and bureaucracy inhibit the development
of potential new private banking products
- Private banks' rather unimaginative offerings reflect conservative
mentality of Hungarian investors
- International investment products are expected to become more popular
- Offshore services have not yet taken off
- 'Private banking' services are often misrepresented
- Few players specifically target higher mass-affluent segment
- High yields and low costs have attracted foreign competitors to the
domestic investment fund sector
- High fees may inhibit foreign players' success following the
introduction of the Euro
- Customer segmentation - art investors represent a promising private
banking client niche in Hungary
- Other customer niches are also attracting attention....
- Poland - innovative private banking product development is slowly
gathering momentum
- The nature of Polish banking clients mean that private banking is
primarily oriented towards the active management of funds
- The majority of services offered to wealthy Poles do not fall under
the remit of 'private banking' services
- Very few providers offer 'true' private banking services to their
wealthy clients
- The traditional private banking market place is dominated by foreign
players
- Increasing sophistication of clients is benefiting new private banking
product and services development
- Asset management products are gathering momentum
- A recent new tax legislation has sparked off the development of
tax-efficient investment vehicles
- Hedge funds have also made an appearance
- Financial advisory services offering is also expanding
- Customer acquisition - targeting the attractive self-employed segment
is proving challenging
- The Czech Republic - the lack of demand from cautious investors has
hindered the development of 'true' private banking services
- The majority of wealthy Czechs are largely content with traditional
banking products
- Few Czech clients are able to take advantage of 'true' private banking
services
- The threshold levels for various private banking offerings vary from
EUR50,000 to EUR0.5m
- Many competitors supplement their private basic banking offering by
additional non-financial services
- 'True' private banking product innovation developments are somewhat
thin on the ground
- Customer acquisition - regional expansion looks like the way forward
- CHAPTER 7 FUTURE MARKET DEVELOPMENTS
- Introduction
- Hungary - strong economic performance will stimulate the growth of mass
affluent and high net worth wealth
- Hungary's macro-economic drivers are forecast to perform solidly over
the next five years
- Hungarian mass affluents in the lowest asset band will continue to
dominate the market in terms of the number of individuals
- The richest high net worths in Hungary will account for the biggest
proportion of total onshore liquid wealth by 2009
- Poland
- Poland's real GDP will experience slower annual growth but other
macro-economic indicators will remain strong
- Mass affluents with EUR150K-EUR300K in onshore liquid assets
represents the customer group with most potential
- Polish HNWs in the lowest asset band will dominate the market in terms
of individuals, but the majority of the wealth will continue to be held by
the richest investors
- The Czech Republic
- Czech macro-economic indicators will show steady but consistent growth
over the next five years.
- The fastest growing asset group is forecast to be represented by the
richest mass affluent individuals in the Czech Republic
- The richest high net worth individuals will represent the best
performing asset band in terms of onshore liquid wealth growth in the
Czech Republic
- Data tables
- Hungary
- Poland
- The Czech Republic
- CHAPTER 8 APPENDIX
- Methodology
- Global Wealth Model methodology
- The UK sub model
- European sub model
- Forecasting methodology
- Continuous refinement to the understanding of liquid wealth
distribution
- Specific changes to data this year
- Datamonitor's wealth numbers compared with other wealth numbers
- Definitions
- CAGR
- HNW
- Liquid assets
- Mass affluent
- Mass market
- Further Reading
- Datamonitor Global Wealth Service SPP: Reports
- Datamonitor Global Wealth Service SPP: Insight Reports
- Datamonitor Wealth Management Competitor Tracker
- Datamonitor Asia Pacific Wealth Management SPP: Reports
- Datamonitor Savings & Investments SPP: Reports & Briefs
- Asset Management and Funds
- Offshore Financial Services
- Retail Savings and Investments
- Datamonitor Savings, Investments and Protection SPP: Interactive Models
- SPP writing team
- List of Tables
- Table 1: Income inequality, as measured by Gini index and income
distribution, 1999-2003
- Table 2: Real GDP growth 1999-2004
- Table 3: Stock exchange performance (as measured by major index),
1999-2004
- Table 4: Stock exchange performance year-on-year growth (as measured
by major index), 2000-2004
- Table 5: National savings ratio, 2000-2007f
- Table 6: The number of HNW individuals in Hungary
- Table 7: The value of HNW onshore liquid assets in Hungary
- Table 8: The number of HNW individuals in Poland
- Table 9: The value of HNW onshore liquid assets in Poland
- Table 10: The number of HNW individuals in the Czech Republic
- Table 11: The value of HNW onshore liquid assets in the Czech Republic
- Table 12: The number of mass affluent individuals in Hungary
- Table 13: The value of mass affluent assets in Hungary
- Table 14: The number of mass affluent individuals in Poland
- Table 15: The value of mass affluent onshore liquid assets in Poland
- Table 16: The number of mass affluent individuals in the Czech Republic
- Table 17: The value of mass affluent onshore liquid assets in the
Czech Republic
- Table 18: Retail savings & investments balances in Poland
- Table 19: Retail savings and investments balances in Hungary
- Table 20: Retail savings & investments balances in the Czech
Republic
- Table 21: Overview of the banking sector indicators in the examined
CEE states, 2004
- Table 22: HVB and UniCredit-controlled institutions in the examined
CEE states
- Table 23: Top banks in the Hungarian market, 2004
- Table 24: Top banks in the Polish market, 2004
- Table 25: Top banks in the Czech market, 2004
- Table 26: Selected wealth management offerings in the Hungarian
market, 2005
- Table 27: Selected wealth management offerings in the Polish market,
2005
- Table 28: Selected wealth management offerings in the Czech market,
2005
- Table 29: Hungarian macro-economic drivers forecasts, 2004-2009f
- Table 30: Polish macro-economic forecasts, 2004-2009f
- Table 31: Macro-economic forecasts for the Czech Republic, 2004-2009f
- Table 32: Forecasts for the number of Hungarian mass affluent
individuals and the value of their onshore liquid assets, 2004-2009f
- Table 33: Forecasts for Hungarian HNW individuals and the value of
their onshore liquid assets, 2004-2009f
- Table 34: Forecasts for Polish mass affluent individuals and the value
of their onshore liquid assets, 2004-2009f
- Table 35: Forecasts for Polish high net worth individuals and the
value of their assets, 2004-2009f
- Table 36: Forecast for Czech mass affluent individuals and the value
of the assets, 2004-2009f
- Table 37: Forecasts for Czech high net worth individuals and the value
of their onshore liquid assets, 2004-2009f
- List of Figures
- Figure 1: Poland represented the most promising wealth management
market in terms of total retail onshore liquid assets in 2004
- Figure 2: In terms of retail savings & investments balances,
Poland is far ahead of its CEE neighbors
- Figure 3: GDP growth in Central and Eastern European countries
continues to be relatively strong, 1999-2004
- Figure 4: The Budapest Stock Exchange has fared best in recent years
in terms of year-on-year growth levels, 2000-2004
- Figure 5: National savings ratios are forecasted to increase in all
three countries
- Figure 6: Wealthy customers account for a tiny proportion of the total
adult population in the examined CEE markets
- Figure 7: Poland represented the most promising wealth management
market in terms of total retail onshore liquid assets in 2004
- Figure 8: The number of HNW customers in Hungary has been growing
strongly since 1999
- Figure 9: The value of HNW liquid assets in Hungary has been rising
particularly strongly in recent years
- Figure 10: The number of HNW individuals in Poland has been increasing
on average by 12.1% each year since 1999
- Figure 11: The value of Polish HNW onshore liquid assets has been
increasing by an average of 11.5% each year since 1999
- Figure 12: The number of HNW individuals in the Czech Republic has
been increasing on average by 9.4% each year since 1999
- Figure 13: The value of HNW onshore liquid assets in the Czech
Republic has been growing by an average of 8.8% each year since 1999
- Figure 14: The number of mass affluent customers in Hungary has been
increasing on average by 11.1% each year since 1999
- Figure 15: The value of mass affluent onshore liquid assets in Hungary
has been increasing on average by 11.7 per cent each year since 1999
- Figure 16: The number of mass affluent Poles has been growing on
average by 9.1% each year since 1999
- Figure 17: The value of mass affluent onshore liquid assets in Poland
has shown strong recovery since 2002
- Figure 18: The number of mass affluent individuals in the Czech
Republic has registered strong increases since 2002
- Figure 19: The value of mass affluent liquid assets in the Czech
Republic has increased strongly following the downturn of 2002
- Figure 20: In terms of retail savings & investments balances,
Poland is far ahead of its CEE neighbors
- Figure 21: Retail mutual funds are more popular among Hungarian
investors than direct equity investments
- Figure 22: Retail deposits and direct bond investments have decreased
in popularity among Polish investors since 1999
- Figure 23: Czech investors are fairly conservative, strongly
preferring retail deposits ahead of other investment products
- Figure 24: The number of mass affluent Hungarian is forecast to
increase by 7% on average each year to 2009
- Figure 25: The value of Hungarian mass affluent liquid assets is
expected to grow by 7.7% per year on average to 2009
- Figure 26: The number of Hungarian HNW individuals is forecast to
increase on average by 7.8% each year to 2009
- Figure 27: The value of Hungarian HNW onshore liquid assets will
increase strongly, growing by 8.6% on average each year to 2009
- Figure 28: The number of Polish mass affluent individuals is forecast
to increase on average by 7.8 per cent each year to 2009
- Figure 29: Onshore liquid assets of mass affluent Poles are forecasted
to increase on average by 8.5 per cent each year to 2009
- Figure 30: The number of HNW individuals in Poland is expected to grow
on average by 8.7 per cent each year to 2009
- Figure 31: The value of onshore liquid asset held by Polish HNW
customers is forecast to grow on average by 9.5 per cent each year to 2009
- Figure 32: The number of Czech mass affluent individuals is forecast
to increase on average by 6 per cent each year to 2009
- Figure 33: The value of mass affluent onshore liquid wealth in Poland
is forecast to increase by 6.8 per cent on average each year to 2009
- Figure 34: The number of Czech high net worth individuals is forecast
to increase on average by 7 per cent each year to 2009
- Figure 35: The wealth of Czech high net worth customers will grow by
7.8 per cent on average each year to 2009
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