China Merchants Bank (CMB) made good progress in its technological transformation. Its commitment to customer-centricity was evident through a range of impactful developments over the review period.

Chinese banks have not had an easy ride in recent years. Faltering economic growth, muted domestic demand, tight Covid restrictions and growing scrutiny from regulators have forced them to hunker down and work as best as they can.

Buying a 10% stake in China Merchants Bank’s wealth management arm for $415 million gives JPMorgan greater access to China’s vast private wealth market. It is a deal that benefits both parties, and underscores JPMorgan’s quiet but concerted success story in Asia’s largest economy.