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Date: Wed, 31 May 2006 13:18:40 GMT
From: "Amy Cole" <amy.cole na researchandmarkets.com>
To: <redhat-cz na linux.cz>
Subject: Wealth Management in Central and Eastern Europe 2005

I enclose details of our latest report on Wealth Management in Central and Eastern Europe 2005.

Central and Eastern European Wealth Management 2005 sizes the mass affluent and high net worth markets across Hungary, the Czech Republic and Poland, investigating the major competitive trends. It also provides extensive forecasts for the mass affluent and high net worth sectors through 2007, allowing the reader to understand both the current state and future potential of the specific countries.

Scope of this title:
- Report covers the Czech Republic, Hungary and Poland
- Onshore liquid wealth is segmented into nine asset bands, from EUR50,000 to 3,000,000+ from 2000 to 2004 and forecasts to 2009
- The macroeconomic and savings and investment data was collected directly from governmental sources such as the Czech National Bank
- Sizing and forecasting of mass affluent and high net worth individuals were generated from our proprietary Global Wealth Model

Highlights of this title:
In 2004, wealthy clients accounted on average for 1.5 per cent of total adult population in Hungary, Poland and the Czech Republic. Within this, on average 0.1 per cent were represented by high net worth individuals, while on average 1.4 per cent of the total population fell within the mass affluent category.

Poland is the country where the Italy-German merger has the potential to drastically change the domestic banking landscape, with HVB being the core shareholder of the countrys third largest bank Bank BPH and UniCredit controlling the number two Bank Pekao. The potential amalgamation will result in the emergence of a new market leader.

The private banking offerings of many Czech banks rarely meet the criteria set for such services in the West. Providers often offer their clients standard products through personal bankers who skip the counters when serving wealthy clients. This approach is sometimes called the red carpet treatment, instead of its true name premium banking.

Reasons to order your copy:
- This report forecasts the market to 2009, allowing competitors to plan strategies on the basis of detailed market information
- Allows wealth managers to monitor threats and opportunities posed by their main competition
- Determines which CEE countries are most attractive in terms of the size and composition of their potential market

For a complete index of this report click on:
http://www.researchandmarkets.com/product/bb8b1e/wealth_management_in_central_and_eastern

Report Index:

Chapter 1
Executive summary 4
Economic factors 4
Hungary 4
Poland 4
The Czech Republic 4
Market context 5
Competitive developments 7
Hungary 7
Poland 8
The Czech Republic 8
Client trends and needs 9
Hungary 9
Poland 10
The Czech Republic 10
Future market developments 11
Hungary 11
Poland 11
The Czech Republic 12

Chapter 2
Introduction 27
What is this report about? 27
Who is the target reader? 27
How to use this report 28

Chapter 3
Economic factors 29
Introduction 29
Economies in the examined CEE states have witnessed healthy growth following the EU accession 29
Overview of the current economic situation in each of the examined CEE states 29
GDP growth in all three countries has been strong since 2002 31
Stock markets have recovered well following the declines of 2001 32
On average, CEE citizens save more and enjoy more equal distribution of wealth than people in Western European countries 33
National savings ratios are relatively high in all three countries 33
According to the Gini Index, the distribution of wealth in the Czech Republic is more equal than in other CEE states 34
Data tables 35

Chapter 4
Market context 37
Introduction 37
Wealthy customers account for a tiny proportion of adult population in the examined Central & Eastern European markets 37
In terms of onshore liquid assets, Poland has the most potential 39
The Polish HNW market may be the most populous, but the Hungarian HNW market is showing the most growth potential 40
The number of HNWs in Hungary and the value of their assets has registered strong and consistent growth since 1999 40
The number of HNW customers in Poland and the value of their assets have experienced a slow down in growth levels in recent years 42
The number of HNWs in the Czech Republic has grown more modestly 44
Mass affluent by country 46
The number of mass affluent customers in Hungary and the value of their assets has grown strongly since 2002 46
Polish mass affluents and their assets suffered during 2001-2002 period but recovered strongly in recent years 48
The recent growth of mass affluent segment in the Czech Republic has been more subdued than in the neighboring CEE countries 50
Polish investors are ahead of their neighbours where the value of their investments is concerned 52
The vast majority of Hungarian investors prefer retail deposits to other investment products 53
Polish retail investors have much more diversified portfolios than their CEE neighbors 54
Retail investors in the Czech Republic remain the most conservative among their neighbors 55
Data tables 56
HNW tables 56
Mass affluent tables 59
Retail savings and investments data tables 62

Chapter 5
Competitive developments 64
Introduction 64
The CEE banking landscape is dominated by strategic foreign investors 64
HVB/UniCredit merger will drastically transform the CEE banking landscape 65
Hungary - a recognition of the market's growth potential has resulted in fierce competition for private banking clients 67
A period of further consolidation is likely for the Hungarian banking sector 67
The private banking landscape is dominated by subsidiaries of international banks 68
Poland - already hotly contested wealth management sector faces further consolidation 69
Recent consolidation has led to domination by foreign competitors 69
Relative underdevelopment of the private banking sector offers considerable future potential 70
The Czech Republic - private banking client segment is considered to be the most attractive in the CEE 72
Foreign competitors enjoy a position of complete domination in the Czech banking market 72
Established private banking subsidiaries are being challenged by specialized niche players 73

Chapter 6
Client trends and needs 75
Introduction 75
Hungary - conservative clients and bureaucracy inhibit the development of potential new private banking products 75
Private banks' rather unimaginative offerings reflect conservative mentality of Hungarian investors 75
'Private banking' services are often misrepresented 77
High yields and low costs have attracted foreign competitors to the domestic investment fund sector 78
Customer segmentation - art investors represent a promising private banking client niche in Hungary 79
Poland - innovative private banking product development is slowly gathering momentum 80
The nature of Polish banking clients mean that private banking is primarily oriented towards the active management of funds 80
Increasing sophistication of clients is benefiting new private banking product and services development 84
Customer acquisition - targeting the attractive self-employed segment is proving challenging 86
The Czech Republic - the lack of demand from cautious investors has hindered the development of 'true' private banking services 87
The majority of wealthy Czechs are largely content with traditional banking products 87
Few Czech clients are able to take advantage of 'true' private banking services 87
'True' private banking product innovation developments are somewhat thin on the ground 90
Customer acquisition - regional expansion looks like the way forward 90

Chapter 7
Future market developments 92
Introduction 92
Hungary - strong economic performance will stimulate the growth of mass affluent and high net worth wealth 92
Hungary's macro-economic drivers are forecast to perform solidly over the next five years 92
Hungarian mass affluents in the lowest asset band will continue to dominate the market in terms of the number of individuals 93
The richest high net worths in Hungary will account for the biggest proportion of total onshore liquid wealth by 2009 95
Poland  97
Poland's real GDP will experience slower annual growth but other macro-economic indicators will remain strong 97
Mass affluents with EUR150K-EUR300K in onshore liquid assets represents the customer group with most potential 98
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 100
The Czech Republic 102
Czech macro-economic indicators will show steady but consistent growth over the next five years. 102
The fastest growing asset group is forecast to be represented by the richest mass affluent individuals in the Czech Republic 103
The richest high net worth individuals will represent the best performing asset band in terms of onshore liquid wealth growth in the Czech Republic 105
Data tables 108
Hungary 108
Poland 110
The Czech Republic 112

Chapter 8
Appendix 114
Methodology 114
Global Wealth Model methodology 114
Definitions 117
Further Reading 118
Global Wealth Service SPP: Reports 118
Global Wealth Service SPP: Insight Reports 118
Wealth Management Competitor Tracker 119
Asia Pacific Wealth Management SPP: Reports 119
Savings & Investments SPP: Reports & Briefs 120
Savings, Investments and Protection SPP: Interactive Models 121
SPP writing team 

List of Tables
Table 1: Income inequality, as measured by Gini index and income distribution, 1999-2003 34
Table 2: Real GDP growth 1999-2004 34
Table 3: Stock exchange performance (as measured by major index), 1999-2004 35
Table 4: Stock exchange performance year-on-year growth (as measured by major index), 2000-2004 35
Table 5: National savings ratio, 2000-2007f 35
Table 6: The number of HNW individuals in Hungary 55
Table 7: The value of HNW onshore liquid assets in Hungary 56
Table 8: The number of HNW individuals in Poland 56
Table 9: The value of HNW onshore liquid assets in Poland 57
Table 10: The number of HNW individuals in the Czech Republic 57
Table 11: The value of HNW onshore liquid assets in the Czech Republic 58
Table 12: The number of mass affluent individuals in Hungary 58
Table 13: The value of mass affluent assets in Hungary 59
Table 14: The number of mass affluent individuals in Poland 59
Table 15: The value of mass affluent onshore liquid assets in Poland 59
Table 16: The number of mass affluent individuals in the Czech Republic 60
Table 17: The value of mass affluent onshore liquid assets in the Czech Republic 60
Table 18: Retail savings & investments balances in Poland 61
Table 19: Retail savings and investments balances in Hungary 61
Table 20: Retail savings & investments balances in the Czech Republic 62
Table 21: Overview of the banking sector indicators in the examined CEE states, 2004 63
Table 22: HVB and UniCredit-controlled institutions in the examined CEE states 65
Table 23: Top banks in the Hungarian market, 2004 66
Table 24: Top banks in the Polish market, 2004 69
Table 25: Top banks in the Czech market, 2004 72
Table 26: Selected wealth management offerings in the Hungarian market, 2005 75
Table 27: Selected wealth management offerings in the Polish market, 2005 82
Table 28: Selected wealth management offerings in the Czech market, 2005 87
Table 29: Hungarian macro-economic drivers forecasts, 2004-2009f 92
Table 30: Polish macro-economic forecasts, 2004-2009f 97
Table 31: Macro-economic forecasts for the Czech Republic, 2004-2009f 102
Table 32: Forecasts for the number of Hungarian mass affluent individuals and the value of their onshore liquid assets, 2004-2009f 107
Table 33: Forecasts for Hungarian HNW individuals and the value of their onshore liquid assets, 2004-2009f 108
Table 34: Forecasts for Polish mass affluent individuals and the value of their onshore liquid assets, 2004-2009f 109
Table 35: Forecasts for Polish high net worth individuals and the value of their assets, 2004-2009f 110
Table 36: Forecast for Czech mass affluent individuals and the value of the assets, 2004-2009f 111
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 6
Figure 2: In terms of retail savings & investments balances, Poland is far ahead of its CEE neighbors 7
Figure 3: GDP growth in Central and Eastern European countries continues to be relatively strong, 1999-2004 31
Figure 4: The Budapest Stock Exchange has fared best in recent years in terms of year-on-year growth levels, 2000-2004 32
Figure 5: National savings ratios are forecasted to increase in all three countries 33
Figure 6: Wealthy customers account for a tiny proportion of the total adult population in the examined CEE markets 37
Figure 7: Poland represented the most promising wealth management market in terms of total retail onshore liquid assets in 2004 39
Figure 8: The number of HNW customers in Hungary has been growing strongly since 1999 40
Figure 9: The value of HNW liquid assets in Hungary has been rising particularly strongly in recent  years 41
Figure 10: The number of HNW individuals in Poland has been increasing on average by 12.1% each year since 1999 42
Figure 11: The value of Polish HNW onshore liquid assets has been increasing by an average of 11.5% each year since 1999 43
Figure 12: The number of HNW individuals in the Czech Republic has been increasing on average by 9.4% each year since 1999 44
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 45
Figure 14: The number of mass affluent customers in Hungary has been increasing on average by 11.1% each year since 1999 46
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 47
Figure 16: The number of mass affluent Poles has been growing on average by 9.1% each year since 1999 48
Figure 17: The value of mass affluent onshore liquid assets in Poland has shown strong recovery since 2002 49
Figure 18: The number of mass affluent individuals in the Czech Republic has registered strong increases since 2002 50
Figure 19: The value of mass affluent liquid assets in the Czech Republic has increased strongly following the downturn of 2002 51
Figure 20: In terms of retail savings & investments balances, Poland is far ahead of its CEE neighbors 52
Figure 21: Retail mutual funds are more popular among Hungarian investors than direct equity investments 53
Figure 22: Retail deposits and direct bond investments have decreased in popularity among Polish investors since 1999 54
Figure 23: Czech investors are fairly conservative, strongly preferring retail deposits ahead of other investment products 55
Figure 24: The number of mass affluent Hungarian is forecast to increase by 7% on average each year to 2009 93
Figure 25: The value of Hungarian mass affluent liquid assets is expected to grow by 7.7% per year on average to 2009 94
Figure 26: The number of Hungarian HNW individuals is forecast to increase on average by 7.8% each year to 2009 95
Figure 27: The value of Hungarian HNW onshore liquid assets will increase strongly, growing by 8.6% on average each year to 2009 96
Figure 28: The number of Polish mass affluent individuals is forecast to increase on average by 7.8 per cent each year to 2009 98
Figure 29: Onshore liquid assets of mass affluent Poles are forecasted to increase on average by 8.5 per cent each year to 2009 99
Figure 30: The number of HNW individuals in Poland is expected to grow on average by 8.7 per cent each year to 2009 100
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 101
Figure 32: The number of Czech mass affluent individuals is forecast to increase on average by 6 per cent each year to 2009 103
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 104
Figure 34: The number of Czech high net worth individuals is forecast to increase on average by 7 per cent each year to 2009 105
Figure 35: The wealth of Czech high net worth customers will grow by 7.8 per cent on average each year to 2009 106

Pricing:
Electronic : EUR 1814
Enterprisewide : EUR 3627

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Thank you for your consideration.
Best Regards,

Amy Cole
Senior Manager
Research and Markets Ltd
amy.cole na researchandmarkets.com

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