In This Report - Banco Mercantil

34
Private Banking
Working in synergy with the Bank’s investment advisory and trust subsidiaries, as well as
with the Bank’s other business units, Private Banking serves the needs of high-net worth
customers. The division integrates banking, asset management, asset protection, and
estate planning services into one combined service offering delivered by highly qualified
and responsive professionals.
In 2010, Private Banking’s primary strategic objective was the expansion of existing relationships
by accommodating the full needs of the customer. The division was challenged
by heightened competition in the marketplace as traditional and non-traditional financial
services providers attempted to lure Private Banking customers with above-market deposit
rates. Private Banking successfully overcame the challenges of market pricing by leveraging
the capabilities of the Bank’s investment and trust subsidiaries.
In line with the efforts of the other business divisions, Private Banking migrated customers
to online service offerings to process wire transfers and receive statements electronically.
In addition to providing maximum convenience and flexibility, customers responded very
favorably to the enhanced security and privacy that these product delivery channels offer.
Private Banking experienced a year of steady growth in assets under management, which
closed at $1.1 billion. Deposits reached $395.7 million at the end of the year. As customers
took advantage of the low-rate environment, the division also increased its volume of loans
to $52.7million.
Subsidiary Activities
The Bank teams with its two main operating subsidiaries, Mercantil Commercebank Investment
Services, Inc. (“MCIS”), and Mercantil Commercebank Trust Company, N.A. (“MCTC”)
to provide a broad spectrum of financial products and services to its customers. With a
team of highly qualified professionals, the subsidiaries provide brokerage, investment
advisory and trust and estate planning services tailored to meet the individual needs of
each investor.
Mercantil Commercebank Investment Services, Inc.
MCIS, the Bank’s broker-dealer and investment advisor, provides access to a wide range of
investment solutions and expert investment advice. MCIS is registered with the Securities
and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory
Authority (“FINRA”). Customer assets are protected through the Securities Investor Protection
Corporation (“SIPC”) and are held in custody by Pershing, LLC, an affiliate of The Bank of
New York Mellon.
Annual Report 2010