Asiamoney China Private Banking Awards

Agricultural Bank of China, led by president and chairman Zhou Mubing, has developed a large wealth management product portfolio for its high net-worth customers, and has 309 private banking and wealth management centres operating across China and a team of 2,000 professional managers.

In 2007, China Citic Bank became one of the first Chinese banks to offer private banking services. Led by LV Tiangui, general manager of private and retail banking, it outperformed other domestic national commercial banks in 2018, growing its private banking customer base and assets under management by upgrading its online and offshore support services for high net-worth clients.

Although family offices are fairly new in China’s private banking sector, there is no question which bank is the leader in this area: China Minsheng Bank’s private bank. It was one of the first to open family offices for ultra-high net-worth clients.

The Bank of Communications private banking unit leads in product innovation and development by providing its 40,000 high net-worth clients with a basketful of investment products and services, some of which are particularly innovative.

There is no question that the Bank of China (BOC), led by chairman Chen Siqing, and its private banking unit have the largest global network among Chinese financial institutions.

Ping An Bank private bank’s assets under management of Rmb450 billion ($67 billion) may just be a fraction of those at national private bank leaders — but it is quickly catching up by offering a range of innovative services.

The Bank of Beijing’s private bank continues to be the best regional private bank by far. Based in the capital and led by chairman Zhang Dongning, the Bank of Beijing serves 48,000 high net-worth clients who collectively have Rmb220 billion ($33 billion) in assets under management.

China Merchants Bank’s private bank is the one that almost every other private bank looks to. Without exception, every private banker Asiamoney interviewed said that CMB is the leader in the private banking field. For that reason, CMB wins Asiamoney’s Best National Private Bank award.

China Construction Bank’s private bank leads the field among state-owned banks in helping high net-worth clients with the most comprehensive services. It has a team of 1,800 wealth management consultants and account managers dedicated to serving clients through more than 300 wealth management centres spread across China, and centres in Hong Kong, Macau and Singapore. At the end of 2018, CCB served 127,000 wealthy clients, with a total of Rmb1.35 trillion ($200 billion) in assets under management, the largest among the nation’s top five largest state-owned banks.