Ping An Bank Private Banking is a dark horse in China’s private banking industry, growing much faster than its major state-owned and joint-stock rivals in the last couple of years.
The number of private banking clients rose 30.8% to 57,300, year on year, in 2020, while assets under management jumped 53.8%, compared with growth of 15% to 25% at its competitors, according to data compiled by Asiamoney. Its PB clients have a relatively high average account balance of Rmb19 million ($2.95 million).
Under the leadership of Li Ming, Ping An private banking’s AUM reached Rmb1.13 trillion in 2020, allowing it to join the ‘trillion renminbi club’ alongside China Merchants Bank and the big four Chinese state-owned banks.
Ping An private banking has set an ambitious target of doubling its AUM within two years, and plans to enter the Hong Kong market.
The wealth management business of Ping An Trust was consolidated into Ping An Bank in 2018. But since then, Ping An has built up a competitive private banking franchise by driving resources across the Ping An group towards Ping An Private Banking, increasing the size of the team and the types of products on offer, and boosting investments in technology.
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