Best Domestic Private BankChina
China Merchants Bank Private Banking
Best Domestic Private Bank – China
Wang Yanrong
general manager Private Banking Department, China Merchants Bank
“In the future, the strategic positioning of China Merchants Bank Private Banking as the engine of big wealth management’s value cycle chain will receive an upgrade: the original focus of providing HNW clients with bespoke services will be transformed into providing private bank customers and the enterprises behind them with a unified service — combining investment banking, commercial banking, private banking and fintech.
By continuing to create value for the customer, the bank is determined to become the best wealth manager, the best business partner and the best succession planner and wealth preserver of China’s HNWIs.”
Winners rationale
China’s private banking clientele landscape has shifted rapidly in the last decade. According to China Merchants Bank Private Banking’s wealth report in 2021 — developed in collaboration with consulting firm Bain & Company — the new generation of wealth owners is dominated by young entrepreneurs operating in China’s new economy. The bank was quick to identify the shifting demographics and the ensuing changes in client needs and focused on providing “integrated financial as well as non-financial services”.
CMB Private Banking uses a detailed segmentation strategy for its client base according to their background and banking needs: they range from traditional entrepreneurs, founders of technology firms, second generations, investment-savvy clients, to C-suite professionals. Matching the different needs, the bank offers personalised networking opportunities to clients — from youth conferences, business forums, to inheritance events. In addition, it works with China Merchants Bank’s corporate finance and investment banking business to meet the financing needs of the clients’ businesses.
Since the launch in 2018 of its “exclusive cloud services”, an online banking platform, China Merchants Bank Private Banking has had 26,322 qualified clients under the programme, while client AUM in cloud services has soared more than 80.5%. Its digital banking app, “Private Banking Exclusive Zone 3.0”, had a monthly active user number of more than 64,000, as of the end of 3Q21.
The bank is in the process of exploring a cross-border model, together with its international business arms CMB International, CMB Wing Lung Bank, CMB Hong Kong Branch, and the private banking business in Hong Kong. It is targeting an open product platform that allows for global investment transactions and a wide range of products, offering advice to clients’ financial assets through a global lens.
For the seventh consecutive year, China Merchants Bank Private Banking has been named Asian Private Banker’s Best Domestic Private Bank – China.
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