Best private bank for inter-generational wealth transfer in China 2021
China Merchants Bank Private Banking
China Merchants Bank Private Banking started providing family-related services to ultra-high net worth (UHNW) individuals with minimum assets of Rmb50 million ($7.8 million) in 2012. One of the first Chinese private banks to tap this market, CMB revamped its family business offerings in 2017 with the launch of a family office service, catering to some of China’s wealthiest people. Its family office clients have assets of at least Rmb3 billion, not just tens of millions.
Over the past eight years, CMB has been at the forefront in helping its clients to set up family and discretionary trusts, in addition to providing services such as legal advisory, tax planning and drafting of family constitutions. It was the first among the private banks to help its clients place properties and shares of both listed and unlisted companies in family trusts.
CMB’s family office business views itself as the chief financial officer for wealthy families, offering them advice around their wealth and businesses. It does this by working with the bank’s investment banking franchise and asset management arm, providing a full range of services. These cover areas such as investing, family enterprise governance, capital market transactions, estate management and the management of charitable businesses.