Private bank Coutts came top of a survey of European institutions for the philanthropy services it provides. The study also found that many banks are still not doing enough in the area.
Coutts was commended for its strategic partnering with philanthropy organisations, such as The Funding Network, and the fact that it regularly holds one-to-one conversations with individuals to understand their objectives for giving. The bank also runs 'Forums for Philanthropy', day-long events bringing together private clients with bankers and philanthropy specialists to have discussions and share experiences.
Wealth-Bulletin, a news and analysis service covering global wealth management conducted the first of an annual study of philanthropy and the financial services sector in Europe, which included a poll of wealthy individuals active in philanthropy. The top five performers were:
1. Coutts
2. UBS
3. Citigroup
4. HSBC
5. C Hoare & Co
Wealth-Bulletin found that only a small group of private banks provide philanthropy services. It says there are two basic approaches that can be adopted - banks can establish an in-house team specialising in philanthropy, as UBS has done at its head office in Switzerland. The other route is partnering with organisations like New Philanthropy Capital or the Charities Foundation, and tapping into their specialised knowledge.
Coutts was also voted 'Best for Philanthropy Services in the UK' in the Euromoney Private Banking Survey 2007 for the second year running.
Recently Coutts has launched a loyalty scheme for its credit card holders, which clients can use for donations. The chosen charities are the Alzheimer's Research Trust, Rainbow Trust Children's Charity, and the Woodland Trust.
www.coutts.com
www.wealth-bulletin.com/article_detail.php/211/philanthropy
