Contents:

EXECUTIVE SUMMARY INTRODUCTION How to use this report What is this report about? Who is the target reader? Report audience and benefits What action points arise from it? MARKET CONTEXT Introduction Key findings Drivers and trends Drivers Trends: mass affluents - an opportunity for growth Mass affluents - "online only" or "calls, bricks and clicks"? Globalization and cross-country offerings Market size The size of the European mass affluent market: France, Germany, Italy, Spain, and the UK Market attractiveness Relative attractiveness in terms of market potential CUSTOMER FOCUS Introduction Key findings Customer identification Who is a mass affluent customer? Customer requirements What product/service needs do evolve from above profiles that differ from both HNWs and "normal" customers? Branding How do mass affluents react to brands? Which branding strategy is used by mass affluent competitors? Customer acquisition Distribution channels COMPETITOR DYNAMICS Introduction Key findings Competitive structure Deutsche Bank, focus on the French subsidiary Deutsche Bank SA Introduction and organizational structure A pan-European strategy Products and services Branding Distribution channels Customer retention Partnership/outsourcing SEB Introduction and organizational structure A pan-European strategy? Products and services Branding Distribution channels Customer segmentation and customer acquisition Partnership/outsourcing Merrill Lynch/HSBC Introduction A pan-European or a worldwide strategy? Products and services Branding Distribution channels Customer acquisition Partnership/outsourcing Credit Suisse: Think Suisse and Credit Suisse Italy Introduction and organizational structure A pan-European strategy? Products and services Distribution channels Customer segmentation Customer acquisition Partnership/outsourcing Morgan Stanley Dean Witter Introduction and organizational structure A pan-European strategy? Products and services Branding Distribution channels Partnership/outsourcing Level two profiles Fimatex Banco Santander Central Hispano (BSCH) Varengold Bankinter Crédit Lyonnais: Top Trades Conclusion THE FUTURE DECODED Introduction Key findings The PESTEL model Scenario 1: Positive developments to boost the mass affluent market in Europe Scenario 2: Pessimistic scenario could result from negative PESTEL conditions Conclusion ACTION POINTS Introduction Key findings Differentiate your new mass affluent activities Get to know your customers Get to be known Develop your distribution channels and prioritize customer acquisition Go European APPENDIX Research methodology Currency abbreviations Definitions Other relevant reports How to contact experts in your industry