Asiamoney China Private Banking Awards

Joint stock commercial bank China Citic Bank’s private-banking business has been growing quickly. With a team of 216 specialists, Citic picked up over 8,100 clients in 2019, up 24% and taking the total to nearly 42,000. Assets under management amounted to Rmb574 billion ($82 billion), up 22.3% over the year.

Ping An Bank is the dark horse of private banking: it has quietly raced ahead despite fierce competition in China’s growing wealth management market, and at a time when growth at many of its rivals has moderated.

Despite competition not only from its ‘big four’ peers but also increasingly from joint-stock and regional players, China Construction Bank Private Banking picked up over 12% more private-banking clients in 2019, lifting its client base to 143,000. That brought a similar 12% increase in assets under management, which rose to Rmb1.5 trillion ($215 billion).

One of the first joint-stock commercial banks to start private-banking operations in the country, China Merchants Bank has established itself as a market leader over the years. That makes it all the more impressive that the bank was still able to expand its presence in 2019.

One of the first joint-stock commercial banks to start private-banking operations in the country, China Merchants Bank has established itself as a market leader over the years. That makes it all the more impressive that the bank was still able to expand its presence in 2019.

Last year was an important milestone for Bank of China Private Banking. In August, it consolidated three departments –wealth management and private banking, personal finance and internet finance – into two main business sections: personal digital finance and consumer finance.

Last year was an important milestone for Bank of China Private Banking. In August, it consolidated three departments –wealth management and private banking, personal finance and internet finance – into two main business sections: personal digital finance and consumer finance.

How do China's private banks handle the increasing amount of wealth that is generated outside the country?