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Eleven Chinese banks manage eight trillion yuan in private banking

CFBOND
2018-09-21 10:50

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Eleven prominent A-share Chinese banks managed over eight trillion yuan of assets for their private banking customers by the end of June this year, according to a report by the Securities Times on Thursday.

Of the 45 domestic banks listed at the A-share market, 11 had detailed their private banking operations in their semi-annual reports, which showed the first half of 2018 to be a period of boom.

By the end of June, the private banking business of these 11 banks pooled assets under management (AUM) worth a total of 8.07 trillion yuan.

Atop the list was the China Merchants Bank (CMB), which maintained its leading role in serving domestic private banking customers. By the end of June, 718,000 such customers placed total assets worth 2.03 trillion yuan under CMB’s charge, up by 6.76 percent from the end of 2017.

At its heels were Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), which respectively oversaw assets worth 1.46 trillion and 1.32 trillion for their high-net-worth customers. The Agricultural Bank of China commanded 1.07 trillion worth of assets on behalf of its 102,000 such customers.

Sources from the PingAn Bank Co., Ltd. put its assets under management (AUM) at 400 billion yuan.

The number of these banks’ private banking customers also climbed during the six-month period. Among these 11 banks, four saw double-digit growth in this regard, including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), China CITIC Bank and China Minsheng Bank.

In addition to robust domestic development, these banks were actively expanding their overseas footprints.

Early this year, Bank of Communications Co., Ltd. transferred its retail banking and private banking businesses in Hong Kong from its local branch to a newly founded subsidiary, Bank of Communications (Hong Kong) Limited.

China Industrial Bank already completed all preparations for the operation of private banking business at its Hong Kong branch.
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