Rising star in China 2023
Shanghai Pudong Development Bank Private Banking
Shanghai Pudong Development Bank Private Banking is an up-and-coming name in China’s private banking circles.
It wins the Asiamoney rising star award for Chinese private banks for good reason. In 2022, assets under management at SPDB's private banking division topped Rmb540 billion ($78.6 billion), while the number of high net worth clients jumped by 23.5% to more than 28,000. Private banking revenue rose 52.4%, year on year, making up 10.7% of SPDB's total revenue.
China’s wealthy turn to SPDB for many reasons. The private banking division offers bespoke services to high net worth clients, including families and family-owned enterprises.
The division leverages the bank's overall resources and expertise to develop an offering that centres around wealth and family inheritance, as well as business and legacy.
Its growth has come steadily over the years. SPDB, for example, was one of the first domestic banks to offer family trust services. The objective was to meet the complex wealth management needs of high net worth clients, such as risk isolation, asset allocation, family governance and charitable giving.
In January 2017, the bank and Shanghai Trust jointly launched a charity trust for free eye surgery for underprivileged children.