Overall best regional private bank 2018
Bank of Beijing Private Banking
Bank of Beijing was incorporated in the Chinese capital of Beijing in 1996. Since then, it has opened branches in 12 large Chinese cities, most of which are in northern and coastal China regions. It leads regional banks in the country in the provision of private banking services and continues to outperform its peers in product development and customer base expansion.
Bank of Beijing started offering private banking services in 2011 – the first regional bank to do so in China. Unlike state-owned banks and national commercial banks, it lacks both an extensive business network and large talent pools to tap into. Because of its limited resources, the bank has taken a focused approach to developing its customer base and products in a bid to build its competitive strength.
From the very beginning, the bank chose to target owners of successful startups and families whose businesses are still in the growth stage as clients.
To better serve these customers, its private banking team has focused on developing family trusts. Bank of Beijing rolled out the first batch of family trust products in 2013, making it an early pioneer of such products on the domestic market.
Bank of Beijing’s focused development strategy for private banking has paid off nicely. By the end of 2017, the number of private banking clients was up 30% over the year, to top 40,000.