Best private bank for wealth transfer/succession planning in China 2023
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AwardsAsia Private Banking Awards

Best private bank for wealth transfer/succession planning in China 2023

China Citic Bank Private Banking

For the second year running, China Citic Bank has won Asiamoney’s award for the best private bank in China for wealth transfer and succession planning.

Citic’s private banking business, which started in 2007, has grown fast, and is now supported by more than 1,400 private bankers and 33 branches: its strong financial performance owes much to its succession planning business.

In 2022, Citic private bank’s monthly average assets under management grew 11.8%, year on year, to over Rmb960 billion ($140 billion). The number of private banking clients rose 8.6% annually, and income from wealth management operations grew 7%, year on year, to Rmb1.4 billion in 2022.

One of Citic private banking’s standout services is the Shao Nian Xing programme, which provides education services for the children of high net worth clients, supporting their needs all the way from kindergarten to university. The programme’s financial and non-financial services, such as overseas guardianship and future planning, have been used by more than 430,000 wealthy clients since it was launched.

This is just one example of the focus that Citic has put on wealth transfer and succession planning for private banking clients. It also offers a suite of other services that cover every stage of the wealth management process, from wealth planning and inheritance management to trust management and asset allocation.