Awards for Distinction 2022 – Best Domestic Private Bank – China

Best Domestic Private Bank China

 

China Merchants Bank

Best Domestic Private Bank – China

Wang Yanrong

GM of Private Banking

In line with China Merchants Bank’s strategic objective of establishing a value-driven bank, its private banking division is endeavouring to deliver multiple value propositions to its customers, employees, shareholders, partners, society at large, and other stakeholders.

CMB Private Banking is determined to improve its offering in 2023 by integrating personal banking services with corporate finance, investment banking, and other complementary services. This integration will enhance support for entrepreneurs, and drive the transformation and growth of their businesses. In addition, CMB Private Banking’s commitment to sustainable finance will see it establish a robust ESG investment sector.

Finally, we believe in giving back to the community and will ramp up our charitable efforts, channelling wealth towards meaningful causes and contributing to a more prosperous and equitable society.

What was behind the judges’ decision?

  • In a year characterised by market volatility and extreme macro-economic uncertainty, China Merchants Bank Private Banking performed admirably during the period under consideration in terms of key business metrics such as revenue, AUM, net new assets and cost-to-income ratio
  • The above performance was in part informed by an ambitious structural reform at China Merchants Bank, which saw the lender at a group-level more closely integrate its wholesale finance and private banking departments. The end result of this effort has been a more comprehensive and holistic approach to the way in which the bank acquires and serves entrepreneurial clients
  • The judging panel was impressed by a number of end-to-end improvements to China Merchants Bank Private Bank’s overall offering, including much enhanced asset allocation capabilities, and the greater functionality of its mobile digital offering, which directly resulted in a significant increase in usage and other KPIs

What we said

While 2022 was undoubtedly one of the toughest operating environments seen in decades for any private bank in the world’s second-largest economy, China Merchants Bank Private Banking delivered on its mission to transform and upgrade its service offering — helping it to stand head and shoulders above the competition, said Twinkle Sparta, senior reporter, Asian Private Banker, and member of the Awards for Distinction judging panel.

Asian Private Banker would like to congratulate everyone at China Merchants Bank Private Banking on their latest success at the 12th Awards for Distinction, in the category for Best Domestic Private Bank – China.

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