Best private bank in China

China Merchants Bank, the seventh largest in the country (and the biggest joint-stock commercial bank after the six state-owned entities), claims the largest private banking business among all Chinese lenders. By the second quarter of 2021, its private bank had assets under management of RMB3.13tn ($489.2bn). At the core of China Merchants Bank’s private banking proposition is a focus on developing what it describes as the “value circulation chain of big wealth management”, as China’s high net worth individual market grows. This market expansion reflects a rise in financing in the domestic A-share market and initial public offerings by Chinese companies in foreign markets, says Wang Yanrong, general manager of private banking at China Merchants Bank. “The listing of those companies is turning a whole group of entrepreneurs into potential private banking clients,” she adds. To address the continued challenge of Covid-19, more online communication and integration through the CMB app and other online service tools have been developed, instead of face-to-face interactions. “Clients can continue to feel the care from CMB and get the financial services that we provide, which also helped to improve client experience and acquisition efficiency,” says Ms Yanrong. The bank has implemented a multi-party mutual trust signature scheme based on a combination of electronic signature and blockchain technology, which has been applied to its family fiduciary business. “The scheme is designed so that each business participant uses electronic signature technology,” she adds. LH