Best private bank for product development 2018
Agricultural Bank of China Private Banking
With 215 private banking and wealth management centres operating across China and a team of nearly 2,000 professional managers, Agricultural Bank of China has developed a large wealth-management product portfolio for its high net-worth customers.
The bank’s private banking division made a timely adjustment in 2017 to its product development strategies to focus on equity products, products based on quantitative strategies, equity-bond hybrids and multi-strategy fund of funds.
Last year, the division also sped up the development of family trust products, including one based on customers’ insurance premiums. Earlier this year, it issued Green Diamond credit cards to offer more diversified as well as customized services to its high net-worth customers.
These efforts have produced positive results: by January 2018, ABC’s private banking division saw assets under management rise 16% year on year, to exceed Rmb1.1 trillion ($174 million), while customer numbers increased 15% from a year earlier, to roughly 106,000.