Private banking multinationals are far less likely to establish subsidiaries in Asia-Pacific than the average multinational company (MNC), according to analysis of GlobalData’s exclusively compiled subsidiary database.

Investment Monitor’s MNC subsidiary database contains information for 2,188 of the world’s top MNCs by revenue. Of these companies, 260 are in the private banking industry, representing 11.9% of the companies in our database.

These private banking companies are less likely than average to establish subsidiaries in Asia-Pacific (16.5% versus 21.4%) and are more likely to establish them in Western Europe (38.7% versus 36.8%).

Overall, the 260 private banking MNCs in our database operate 18,023 subsidiaries. This comes to an average of 69.3 subsidiaries per company, compared with an average of 99 for the entire database of 2,188 companies. It should be noted, however, that the number of subsidiaries is by no means evenly distributed within the sector. The most common number of subsidiaries for an MNC in the sector (the mode) is six, while the median comes in at 23, indicating that the simple average is skewed heavily by the bigger parent companies.

US-based Marsh & McLennan Companies has the largest number of subsidiaries among the private banking sector MNCs within our database with 850. This means it ranks in 14th place across our entire database when measured by the total number of subsidiaries.

Commerzbank-private-banking-658×370.jpg” alt=”commerzbank-private-banking” width=”658″ height=”370″ /> Frankfurt-based Commerzbank has the second largest number of subsidiaries within the private banking industry MNCs. (Photo by Armando Babani/AFP via Getty Images)

Where do Marsh & McLennan and Commerzbank place subsidiaries?

Marsh & McLennan Companies’ subsidiaries are distributed across the world with 40.7% of the total located in Western Europe, the highest for any region. Some 168 of Marsh & McLennan Companies’ subsidiaries are located in the UK, while the US was the second most popular destination with 110.

After Marsh & McLennan Companies, Commerzbank has the second largest number of subsidiaries within the private banking industry MNCs in the database with 626, while Société Générale is third with 606 and BNP Paribas fourth with 595.

Overall, 9,251 of the subsidiaries owned by the private banking MNCs in the database are located in the same country as the parent company was headquartered. This means that MNCs in the sector are more likely than average to have a preference for domestic subsidiaries at 51.3%, with the figure for the entire database standing at 45.7%.


GlobalData has compiled a list of top MNCs based on revenue. Any top companies that did not have a subsidiary were removed from the list. The latest company annual reports (2019 and 2020, where available) and websites were analysed for a total of 2,188 companies.

For a subsidiary to be included, the parent company had to have a majority ownership/control in the subsidiary. Affiliates, associates, joint operations and joint ventures were included as long as the ownership criteria was met. Subsidiary information was captured at a country level. Country names were standardised. In total, 216,898 subsidiaries were captured.

This article originally appeared in Private Banker International.