Overall best state-owned private bank 2018
China Construction Bank Private Banking
China Construction Bank is not the first Chinese bank to provide private banking services in China, nor is it the bank with the largest customer base for these services. But it stands out for its performance in expanding its client numbers and their assets under management – both products of efforts to expand the bank’s network and improve services.
By the end of 2017, the number of private banking customers jumped nearly 17% year on year, to more than 110,000; assets under management also advanced 12.8%, to Rmb1.2 trillion ($189 billion).
What is even more impressive is CCB’s ability to win high net-worth private banking clients.
By the end of last year, the number of private banking customers entrusting assets worth Rmb10 million and above to the bank was up 15.2% on the year, to approach 67,700.
The total AuM brought by this group of customers was Rmb940 billion, a 20% increase on the year before.
Also, by year end, the number of what CCB labels “strategic private banking clients” – long-term, ultra-high net-worth clients – was up 28.6% from the year before, while the AuM the bank booked for these clients also advanced 25.1%.
These results were achieved thanks to CCB’s sustained efforts to expand its service network and strengthen servicing capability. The bank has established more than 330 private banking centres across China.
It has also combined the strength of its multiple affiliates in fund management, financial leasing, trusts, insurance, investment banking and futures brokerage in product development, while deploying digital technologies to upgrade marketing and services for private banking customers.