Most innovative private bank in China 2023
Ping An Bank Private Banking
Ping An Bank Private Banking, which celebrated its 15th anniversary last year, has slowly but surely become one of the leading wealth managers in China’s fiercely competitive market.
One of the secrets to its success is its emphasis on digitalization, use of technology and innovation – making it the natural choice for most innovative private bank in China in 2023.
The numbers are solid. Assets under management exceeded Rmb1 trillion ($145.5 billion) by the end of 2022, with Ping An PB’s performance giving state-owned and joint-stock banking peers a real run for their money.
A unique feature is One Ping An. This is a way for the bank to combine comprehensive financial services with healthcare and wealth solutions, allowing it to function as a one-stop shop for clients’ personal, family and corporate needs.
This kind of offering proved popular during China’s long pandemic lockdowns. Ping An provided value-added services, such as deliveries of groceries and vaccines, for its private banking clients via its Ping An Health app.
Another selling point is its open architecture product platform which can sift the right products for private banking clients.
Ping An collaborates with prominent groups – such as Oaktree Capital, KKR, BlackRock and Beijing-based Pengyang Fund – to provide an impressive array of private and public investment products.