Transaction bank of the year 2021
China Merchants Bank
China Merchants Bank, the first of the Chinese lenders to focus on the transaction banking business in mainland China, has long been a leader in this field.
When the bank combined cash management and trade finance to set up a transaction banking department in 2015, it was the first Chinese bank to do so. While others have gradually set up their own transaction banking units over the years, CMB’s platform remains unrivalled. One of the key reasons is because the team, led by Hou Weirong, has changed its focus from simply combining different products to providing a comprehensive suite of services.
For instance, the transaction banking market in China has matured when it comes to providing services to clients before and during transactions. But post-transaction services are not so widespread. CMB has taken steps to fill the gap by providing these services, helping businesses to boost their performance.
CMB’s digital transformation last year was also impressive. By the end of 2020, 93% of its 2.3 million corporate clients were online users. More than 90% of its online banking products and 40% of all products for corporate customers, apart from investment banking services, can be used online.