Best private bank for inter-generational wealth transfer 2019
Ping An Bank Private Banking
Ping An Bank private bank’s assets under management of Rmb450 billion ($67 billion) may just be a fraction of those at national private bank leaders — but it is quickly catching up by offering a range of innovative services.
Established in 2013, Ping An’s private bank division adheres to three values contained in the motto: ‘Integrated finance, global allocation, family heritage.’ It also taps into the resources of Ping An Insurance (Group) of China, the nation’s largest insurer. This is led by chairman and chief executive Peter ‘Ma’ Mingzhe, earns $94 billion in revenue annually and has experts across its subsidiaries engaged in other financial businesses, including securities, asset management and various financial technology services.
With the backing of Ping An Group, Ping An private bank offers high net-worth clients a ‘private bank plus investment bank’ service. The private bank cooperates with the group’s securities, trust, asset management, real estate, life and other subsidiaries to provide customers with a full range of private banking services that are normally reserved for enterprises and institutional clients.
The bank aims to build a one-stop inheritance services platform that focuses on family trust planning and inheritance planning to help families achieve a smooth transition as power is handed over from one generation to the next. In addition, Ping An private bank has worked with a number of foreign partners to help wealthy clients set up trusts both onshore and offshore.
The bank has designed its ‘Ping An inheritance college’ as a one-stop child education programme that not only helps entrepreneurs to send their children abroad to study, but also to begin training them for inheriting control of the family business.
Over the year, the bank also sponsored several seminars catering to heiresses, highlighting how young women are preparing to assume control of their family’s businesses and financial assets. Last year, for instance, the bank hosted the ‘Women and power’ family heritage summit forum in conjunction with the Shenzhen Women Entrepreneurs Association. At the 2018 China Women Entrepreneurs International Summit Forum, Ping An executives released a study that included a number of case studies examining the rising importance of heiresses in China. The report, ‘Family and her strength’, was the third on inter-generational wealth transfer that Ping An private bank has published in three years.
Executives at Ping An private bank believe that outstanding women entrepreneurs should be supported and encouraged.