As China has advanced over the last decade so has China Merchant Bank offering professional investment services to multiplying high net worth (HNW) clients with assets of over RMB10 million (US$ 1.49m). A successful acquisition programme, expansion, upgraded family office and other measures mean it has been selected as a Highly Commended (HC) noteworthy entrant in the Outstanding Global Private Bank: Asia-Pacific category at the online Private Banker International (PBI): Global Wealth Summit & Awards 2020.
Starting as a private bank (PB) in August 2007, by last year it had expanded to offer 61 wealth management (WM) centres across China and 79 PB centres. It has more than 1,000 service providers, serving 82,000 thousand clients with total assets under management (AUM) of around RMB 2231 billion (US$333bn). However, growth continues with education events, marketing, philanthropy, succession planning salons, and other such measures all helping attract 11,000 new HNW clients, swelling its total client base. A campaign entitled ‘exclusive upgraded’ has also added to the number of super premium customers and swelled AUM.
An upgraded family office following a new ‘three-circle model’ has seen it move from a passive to an active service for those with RMB3bn+ in assets. This has meant the AUM of the family office increased by 25% in 2019. International provision is progressing.
A 24x7 service provision is available but digitalisation is increasingly being rolled out as well across the business to increase the granularity of data and easy access to it.
The Outstanding Global Private Bank: Asia-Pacific category at the PBI Global Wealth Summit & Awards 2020 was very popular attracting a lot of entries and consequently another Highly Commended recognition for HSBC Private Banking was given. The winner was UBS.