Gutmann representatives announcing the extension of their bank’s presence in Slovakia, at the premises of auction house Soga. (source: Courtesy of Gutmann)
As demand for services for high net worth individuals continues to grow in Slovakia, Austrian bank Gutmann, a family bussines, is looking to expand in the local private banking market.
“Over the last couple of years we have noticed more people asking for services here,” said Louis Kahane, a member of Gutmann bank’s board of directors. “We decided to take the next step.”
The bank serves Slovak clients either from its headquarters in Vienna or from its offices in Prague or Budapest. In Slovakia, the bank will offer clients wealth management services according to individual tailor-made long-term strategies, although their accounts will remain in Vienna.
“We want to operate long-term in Slovakia,” said the bank’s regional expert, Michal Štefaničiak.
The Slovak, who has more than 20-year experience in the financial sector and private banking, added: “We’re like marathon runners – sprinting is not our favourite discipline. We want to develop long term relationships.”
Valuable legacy
Gutmann bank was founded by the Gutmann brothers from northern Moravia in 1922 to manage their family fortune and in response to the creation of new states after the collapse of the Habsburg monarchy. The current majority owners, the Kahane family, became involved in the bank’s ownership structures in 1957. The circle of owners also includes about 20 senior employees who are partners in the bank.
“This gives us a unique ownership structure; we are not dependent on any other financial institutions,” said Louis Kahane, adding this means the bank is accountable to no one but its clients. “We greatly value this independence.”
