China Merchants Bank rises among global elite private banks

Established in 2007, China Merchants Bank's private banking business has seen substational growth, postioning it ahead of many of the world's leading private banking providers.

as in its persistence to invest in new technolo- gies and new approaches to connect its clients. CMB has invested heavily in improving its holistic capabilities and has seized every opportunity to learn from the market and to better serve its clients. CMB's fast-growing network enables it to

follow the international footprints of its clients and advise them on their investment portfolios with a global perspective, which in turn has facilitated CMB's comprehensive ser- vice offerings to its clients both at home and abroad, and allowed it to capture vast busi- ness opportunities. According to latest data from CMB and Bain & Company, China is home to USD28 trillion of private wealth, including around USD13.2 billion in cash and deposits, representing the huge growth potential of the private banking sector in the next few years. In general, assets under management at China's private banks have been growing faster than those in other Asian countries.

CHINA MERCHANTS BANK RISES AMONGGLOBAL ELITE PRIVATE BANKS When it comes to China's burgeoning wealth management industry, China Merchants Bank (CMB) stands head and shoulders above its peers. The Shenzhen-based lender made its first foray into private banking back in 2007, with the aim of serving its high-net-worth (HNW) clients and their families by growing their wealth, and building a strong global physical network. Staying true to its vision: 'Your family’s

long-term prosperity is our commitment', CMB has expanded its network and adapted to the evolving needs of its clients. At the end of June 2020, China Merchants Bank had 150 private banking centres in 79 cities at home and abroad, including offices in Hong Kong, New York, Los Angeles, Luxembourg, Singapore and Sydney. The latest addition toCMB's global net- work, the inaugural London office, was launched in 2019. The newly opened private banking centres enable CMB to further expand its footprint into global economic hubs.

CONSISTENTLY LEADING CHINA’S PRIVATE BANKING INDUSTRY CMB's aspiration and capability to adapt to new markets, and to continue to focus on its core

domestic market, is underpinned by its strong financials. At the end of June 2020, CMB private banking had more than 91,000 clients whose financial assets atCMBexceeded RMB10 million, with aggregate assets under management (AUM) of around RMB2.49 trillion, keeping CMB ahead of its domestic market peers, and main- taining CMB's position as the leader in China's high-end private wealth management industry. CMB's remarkable rise, and the speed it

has grown its international reach and scale, was encapsulated in Scorpio Partnership's 2018 Global Private Banking Benchmark report. The London-based strategy and research specialist ranked CMB 13th globally, moving up two places over the previous year thanks to a 22.6% rise in dollar-adjusted assets under management – a faster rate of AUM growth than any financial institution named in Scorpio's global top 25. That puts China Mer- chants Bank ahead of many of the world's leading providers of private banking services, including HSBC, Deutsche Bank and Pictet.

MARRYING QUALITY WITH SCALE China Merchants Bank has built its competi- tive edge and distinguished itself through the quality of its private banking services, as well

BRIDGING CHINA WITH THE REST OF THEWORLD Wherever the clients are, China Merchants Bank is committed to maintaining the highest level of service experience, and its leadership in terms of corporate governance. Regulatory actions aimed at taming market practices such as financial product structuring are expectedto encourage more HNWs in mainland China to do business with private banks, thus benefitting CMB and othermarket leaders. For private banking clients, China Mer-

chants Bank is their bridge to connect with the world. With CMB's understanding of the changing regulatory landscape domestically and the ever-growing needs from the clients to allocate their assets globally, we at CMB are well positioned to partner with HNWIs and UHNWIs for their one-stop investment advi- sory services in China and across the globe.

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