With its outstanding service capabilities, innovative product design, and professional market research, Bank of China Private Banking has once again been named China’s best state-owned private bank, as well as the best private bank for impact investing. These accolades reflect its comprehensive service system, as well as its integrated and globalised financial products and investment solutions.

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.