Best private bank for family offices in China 2023
China Construction Bank Private Banking
China Construction Bank Private Banking has rapidly become the country’s leading private bank for family offices.
That is not surprising given the strength of parent CCB, which is one of the largest banks in the world by assets. But the private bank’s family office offering has come into its own since its establishment in 2018.
A big development came in 2021 when CCB’s family office business was upgraded to offer a four-in-one service to ultra high net worth individuals. This covered wealth management and inheritance, family governance, business continuity and philanthropy.
The model was given a boost last year when CCB private bank, led by Mei Yufang, deputy general manager, private banking department, homed in on individualized and tailor-made offerings for the wealthy.
Those efforts are paying off. By the end of December 2022, CCB managed over Rmb18 billion ($2.6 billion) in personal financial assets of family office customers. Total family assets of family office clients stood at nearly Rmb300 billion. The largest single customer had family assets of more than Rmb50 billion.
Family office clients go to CCB because it offers customization, a comprehensive set of products and the expertise of a team of over 400 professionals; more than 70% of these hold a master’s degree and have years of experience working in financial institutions.