China Minsheng Bank Private Banking
Launched just two decades ago, China Minsheng Bank has adopted a different approach to banking from some of its peers, focusing on lending to small and medium-sized enterprises and, in recent years, on offering high-quality wealth-management services.
China Minsheng Private Banking now has 40 wealth management service offices dotted around mainland China, the first of which was opened in 2008. The key has been to build a multi-level customer service and asset management system, geared toward high and ultra-high net-worth clients with personal financial assets over Rmb8 million ($1.16 million).
But the biggest shift in the bank’s long-term approach to wealth management occurred in August 2016, when CMBCI, the international division of China Minsheng Bank, bought a stake in the Asian private wealth management division of Carret Private Investments, one of New York’s most powerful and influential high-end wealth managers.
The stated aim of Carret Asia’s managing partner and founder Kenneth Ho is to make the alliance one of the best wealth management services in China. A willingness to innovate and invest wisely means the future looks bright for China Minsheng Bank Private Banking.