China Merchants Bank’s private banking department achieved commendable growth over the past year, despite the challenges posed by the Covid-19 pandemic, the Russia-Ukraine war and China’s property sector woes. All these factors impacted wealth growth and forced clients to adapt and be nimble to find the right investment opportunities.
Under the leadership of Wang Yanrong, general manager of CMB’s private bank, the firm’s client base grew to more than 130,000 in 2022, while total assets under management hit Rmb3.7 trillion ($538 billion), up 10.2% year on year. Yanrong has led the division since her predecessor Wang Jing’s departure in January 2020.
Senior management at CMB private bank explain that its open product platform allows it to rigorously evaluate and select high-quality products from across the market.
CMB provides customized asset allocation services for clients through its team of professional investment advisers. In the private equity market, CMB has sold over 1.3 million private equity products: many of these funds were sold exclusively by the private bank.
In 2022, CMB's wealth planning and inheritance services were in demand.