Overall best regional private bank in China 2022
Bank of Beijing Private Banking
As a city commercial bank, Bank of Beijing Private Banking does not boast a business as large as that of a national joint stock bank or a state-owned Chinese bank. But Bank of Beijing stood out. In the first quarter of 2021, it became China’s first city commercial bank with total assets exceeding Rmb3 trillion ($472 billion).
Perhaps more importantly, the Beijing-based bank has been able to tap into a vast pool of potential clients, comprising some of the mainland’s wealthiest high net-worth individuals, while emphasizing the development of its business in economically advanced regions such as the Pearl River Delta and the Yangtze River Delta. This two-fold approach gives it a competitive edge.
In 2020, Bank of Beijing consolidated its wealth-management and private-banking departments as part of a wider shake-up of its retail business. Since then, the firm has continued to expand its private-banking franchise.
With assets under management fast approaching Rmb150 billion, Bank of Beijing Private Banking recorded a 19.4% increase in AuM in 2021. It also saw a 17.4% annual rise in the number of clients, which had already surpassed 10,000 in early 2021.