China Citic Bank Private Banking
Citic Bank was one of the first Chinese banks to offer private banking services in China. It outperformed other domestic national commercial banks in growing its private banking customer base and assets under management in 2017 by upgrading its marketing and sales capability and developing new products.
By the end of the year, its number of private banking clients was up more than 30% year on year, to 28,275, and the AuM of its private banking division increased 25.3% to Rmb402.5 billion ($63.5 billion).
The rapid growth of its private banking business created a prime opportunity for the bank to generate more income from intermediary businesses. In 2017, its private banking customers paid more than Rmb1.6 billion in fees for product management and asset allocation services provided by its private banking division, a jump of 69% from a year earlier.
Last year, Citic Bank redesigned the management system for its private banking operations with the help of external consultants. The division also deployed big-data analysis to achieve precision in marketing and to spot other opportunities. That enabled the bank’s private bank team to boost income: they achieved more than Rmb2.2 trillion in product sales in 2017, up 68% from 2016.
Citic Bank is also a market leader offering fully entrusted asset management services for ultra-high net-worth private banking clients, who have over Rmb100 million. It says it has booked more than 100 such clients for these services in the last year.