Best Private Bank China Domestic
China Merchants Bank
Best Private Bank – China Domestic
Wang Yanrong
general manager of Private Banking Department, China Merchants Bank
“Ever since the establishment of China Merchants Bank Private Bank in 2007, ensuring clients’ long-term prosperity has been our mission. Over the past 14 years, we have consistently expanded the scope of our services, from clients’ personal wealth management to “all-in-one” financial solutions for their families and enterprises. On the back of technology, comprehensive system support and our professional team, we have built a deeply embedded brand amongst clients.
Our commitment to clients will remain unwavering. With our “Big Wealth Management” system that integrates all relevant functions and sectors, we shall strive to create greater value for clients and society.”
Winners rationale
No onshore Chinese private bank enjoys the established and leading position that China Merchants Bank (CMB) Private Banking does. For a sixth consecutive year, CMB Private Banking cemented its position in 2020 as the “true private bank” in the onshore China market.
Under immense stress arising from the fallout of COVID-19 and tightening industry regulations, CMB Private Banking still managed to grow its AUM at a marked 20% for the first three quarters of 2020, exceeding even its growth rate prior to the pandemic. As of October 2020, the private bank managed over RMB2,600 billion worth of assets in the country — the only player with an AUM of this size.
CMB Private Banking maintained its lead in China’s private banking industry in 2020, whether through mass adoption of digitalisation tools that capitalise on cloud and blockchain technology, or through incessant efforts to engage and offer innovative solutions to clients. The bank systematically partnered its relationship managers with investment consultant teams so as to provide clients with a customised service coupled with investment expertise. On top of that, it upgraded its global asset allocation strategy with the help of quantitative analysis of market data and the bank’s investment research.
In 2020, the bank stepped up its engagement of UHNW clients across several fronts. It was eager to capture opportunities brought by the internationalisation of the Chinese currency and the opening up of China’s capital markets: with a strong offshore presence in Hong Kong as well as the rest of the world, the bank offered cross-border services that seamlessly linked the onshore and offshore platforms to meet the client’s urgent needs. A first in the industry, CMB Private Banking enabled the online setup of family trusts on its “Family Trust Cloud”, which could be completed within a matter of two weeks. On a YoY basis, assets in family trusts and discretionary accounts more than doubled.
Over the years, CMB Private Banking has demonstrated both adaptability to innovation and a strong commitment to its central proposition to the clients. It never ceases to impress as a front-runner in China’s private banking scene.
China Merchants Bank Private Banking is Asian Private Banker’s Best Private Bank – China Domestic for 2020.
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