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 |
| 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.
