UK Banks: A wealth of opportunities

研报英文原文证据摘录

UK Banks: A wealth of opportunities

Deutsche Bank Group

Deutsche Numis Research

Europe Industry Date

United Kingdom 23 June 2026

UK Banks

Banks Recommendation

Banks Change

A wealth of opportunities

Robert Noble

A trend with legs Research Analyst

Asian Wealth management presents a compelling opportunity for the Global UK +44-020-754-10088

banks. AUM is growing faster than other regions a trend we anticipate will endure

Gunjan Bhatt

as households shift from deposits to more sophisticated investments. Standard Research Associate

Chartered grown faster than peers in the last three years and we expect further

wealth growth to fuel 19% CAGR group EPS growth in the next 3 years. We upgrade

Standard Chartered to BUY with 2,400p price target and maintain HSBC at HOLD Key Changes

with 1,520p price target. Company Target Price Rating

1,450.00 to

HSBA.L -

Asian wealth has been a brightspot 1,520.00

APAC financial assets have grown at a 10% CAGR over the last 8 years, outstripping 1,900.00 to

STAN.L Hold to Buy

Europe/America at 5-7%. The outperformance has been driven in part by balance of 2,400.00

payments surpluses between West and East; higher nominal GDP growth; Source: Deutsche Bank

increasing relative household leverage; and higher savings ratios.

We expect it to continue

We expect household asset growth in APAC to continue to exceed Europe. Across

the largest APAC countries we expect household assets to grow some $36trn in in

the next 5 years, a CAGR of c.9%. Asia is substantially underinvested in investment

products with most household assets sat in bank deposits. Assuming very modest

mix shift and that c.9% growth translates to c.11% growth in investments and

presents a multi year growth opportunity in Wealth management.

Standard Chartered has been growing fastest