Ping An Bank Private Banking
China didn’t allow private businesses until the early 1980s. As a result, the majority of private businesses are still in the hands of their founders and the concept of transferring wealth to the next generation is still fairly new to business owners.
Ping An Bank, led by Bonnie Lam, was one of the first domestic banks to provide private banking services in China. It has played an active role in advocating best practice in the transfer of inter-generational wealth to its private banking clients. That client roster has increased quickly: at the end of September 2017, it was up 29.4% from a year earlier, at around 21,900.
In 2013, Ping An joined Deloitte and the business school of Tsinghua University to create an award programme for private Chinese businesses with outstanding performance in inter-generational wealth transfer. In the last two years, the bank has also published whitepapers and run TV programmes to promote best practice.
Ping An is well positioned to help its clients with passing on their wealth by leveraging the resources and expertise of sister companies, including life insurance, trust companies and securities firms, within the wider group. It also has a capable staff, having hired many of the private banking team from global banks.