Overall best state-owned private bank in China 2023
Agricultural Bank of China Private Banking
Agricultural Bank of China Private Banking wins Asiamoney’s award for best state-owned private bank in China for 2023, thanks to its exceptional performance in the country’s highly competitive private banking market.
ABC's private banking division, established in 2010, has made great strides over the past decade in building a reputation for its unwavering focus on customers and its comprehensive range of financial and non-financial services.
The numbers tell one side of the story. ABC’s private banking client base exceeded 196,000 at the end of the third quarter of 2022, up 15% from the previous year. Assets under management surged to Rmb2.2 trillion ($320 billion) during the same period, a 17% increase year on year.
And then there is the breadth of ABC’s offerings, serving wealthy clients’ every need.
The bank's private banking division, like many others, uses a 1+1+N customer service model that pairs each private banking client with a customer manager, a wealth consultant, and internal and external experts.
ABC has set up more than 500 wealth management centres and has a team of more than 5,000 wealth consultants, allowing it to respond quickly to customers’ needs for high-quality services. In 2022, the division hired more than 1,000 private banking staff and trained them online – with an average of one training session per day – to cater to clients’ financial needs during Covid lockdowns.