In 2020, Industrial and Commercial Bank of China Private Banking managed to maintain steady growth from an already high base.
It gained 24,000 new private banking clients last year, double the number in 2019, and hit a five-year peak. Assets under management rose by Rmb282.8 billion ($43.9 billion), which was 60% higher than the increase seen the previous year.
With total AUM of Rmb2.2 trillion and 182,000 clients at the end of 2020, ICBC was the second-largest private bank in China after China Merchants Bank Private Banking.
ICBC private banking has been able to play to its strengths, namely the wealth of the corporate clients at its parent ICBC – China’s largest commercial lender – and the unmatched corporate banking franchise it has built up over the years. But the firm’s efforts to maintain its position as a leading private bank went beyond leveraging its parent’s strengths.
Supported by a team of about 5,000 wealth managers and over 200 investment advisers, ICBC private banking provides its clients with a variety of private banking-exclusive wealth management products: the balance of these exclusive products hit Rmb240.5 billion at the end of 2020, showing growth of more than 900% compared to the start of 2020.
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