China bank PB activity slows in 1H

Added 5th September 2016

Assets under management at the private banking units of 10 key mainland banks grew an average 13.5% in the first half of this year, after an explosive surge in 2015.

China bank PB activity slows in 1H

China Merchant Bank, the mainland's seventh largest lender, remained the top mainland-based bank in terms oif private banking activities. AUM increased by 13.7% to RMB 1.42trn ($213bn) based on its half-year earnings report. With roughly 54,000 clients in total, each has RMB 2.6m assets on average.


     Assets under management of China's banks' WM units 

 Name   As of
 30 June
 (RMB bn)

Growth from
December 2015 

 China Merchants Bank   1,424  13.7%
 ICBC  1,230  16%
 Agricultural Bank of China   934  15.7%
 China Construction Bank  789  13.8%
 Shanghai Pudong Development Bank   320  6.7%
 CITIC Bank  303  16.8%
 China Minsheng Bank  300  9.8%
 Industrial Bank  291  10.2%
 Ping An Bank  281  10.7%
 China Everbright Bank  251  9.9%

Source: half-year result report, Caixin 


But CMB’s AUM growth in 2015 reached 57.8%, according to an earlier report by Scorpio Partnership.

Going cross-border

CMB said its New York branch has already been granted a private banking license, which would provide cross-border financing needs for HNWIs. It is also preparing for a private banking branch in Singapore, according to its half-year earnings statement.

Industrial & Commercial Bank of China and CITIC Bank recorded the highest AUM growth in the first half.

ICBC also showed the strongest increase in number of clients, which rose 22% to 76,200 compared to six months ago. The bank manages an average AUM of RMB 16.1m for its high net worth clients.

ICBC will “push the family wealth management business to meet the growing demand of high net worth investors who are seeking family wealth management and capital preservation,” according to its report.

In the first half, some high net worth clients have turned to investing in mainland property, especially those in the first- and second-tier cities, according to a bankng execuitve quoted in Caixin.

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