Most innovative private bank in China 2022
China Merchants Bank Private Banking
By the end of 2020, China Merchants Bank Private Banking already had China’s largest private banking business, managing Rmb2.78 trillion ($437 billion) in assets on behalf of 100,000 clients. These are high net-worth individuals with at least Rmb10 million in investible assets, but the numbers would be even higher if the same minimum asset threshold of Rmb6 million was applied as at other Chinese private banks.
CMB’s private banking empire showed no signs of slowing down in 2021. It became the first and only Chinese private bank to have assets under management exceeding Rmb3 trillion. By the end of the third quarter, CMB Private Banking had a whopping Rmb3.27 trillion in AuM, up nearly 23% from a year ago, while the number of clients rose 22% to 117,000.
Behind CMB’s consistent leadership in private banking is its willingness and ability to continue to innovate across products and services, while leveraging financial technology capabilities to build its franchise.
The bank’s fintech savviness is widely recognized by the industry, making CMB’s private-banking arm the natural choice for most innovative private bank in China in 2022.
Over the years, CMB has introduced innovations.