Best private bank for innovation in technology 2019
China CITIC Bank Private Banking
In 2007, China Citic Bank became one of the first Chinese banks to offer private banking services. Led by LV Tiangui, general manager of private and retail banking, it outperformed other domestic national commercial banks in 2018, growing its private banking customer base and assets under management by upgrading its online and offshore support services for high net-worth clients.
At the end of 2018, the bank had 33,900 HNW clients, up 27% from the previous year. Total private bank assets under management rose 23% to Rmb495 billion ($74 billion).
Chief among Citic private bank’s product offerings is its Diamond Butler Service, which is provided to the top 5,000 wealth management clients, each with more than Rmb20 million on deposit or managed by the bank.
The bank assigns a team of three assistants to each Diamond client, offering them 24/7 assistance online and offline anywhere in the world on almost any service they need. Diamond members can access their Citic private bank support team through WeChat from anywhere in the world, for instance to arrange a VIP limousine pick-up, book a table at the nearest Michelin-starred restaurant, or buy tickets for an opera. When sick, Diamond clients can ask their Citic support team to help them check into the nearest hospital anywhere in the world.
As one of the pioneers of China’s private bank industry, Citic Bank has stuck to its goals of: ‘Preserving wealth, creating wealth, and enjoying life.’
The Diamond Butler Service has helped the bank achieve three highs: internal surveys show customer retention, activity and satisfaction rates of 87%, 84% and 99.9% respectively. The service also resulted in rapid growth in product sales to Rmb108 billion in 2018, from Rmb28 billion the previous year.