Bank of China Private Banking, which has been recognized by Asiamoney in the past, delivered yet another solid year in 2021.
By the end of the first half, the bank had about 141,200 private banking clients, with assets under management of Rmb2 trillion ($315 billion). Its full-year AuM growth exceeded 20% – one of the highest in the industry.
To support its rapid expansion, the bank continued to build out its domestic network last year, adding about 30 private banking centres across the mainland. This further complemented its unparalleled offshore presence across Hong Kong, Macau, London and Singapore. BOC now has about 100 domestic private-banking centres, versus fewer than 50 just two years ago.
With a team of more than 300 private bankers, over 200 investment advisers and 2,000-plus relationship managers, BOC Private Banking has shown that it is more than capable of meeting the increasing needs of Chinese high net-worth clients across wealth management, global asset allocation and wealth succession, both at home and abroad. That’s why it wins the Asiamoney award for overall best state-owned private bank in China in 2022.
One of the many highlights for BOC in the last year was the fact that it managed to expand its family trust business by doubling both the number of clients and AuM.