China Merchant Bank's general manager for its private bank division explains how it differs its services from its big regional rivals, as it seeks to build an international business.
Despite risks, HNWIs still interested in this asset class, mostly private-equity funds for onshore, and Reits for offshore, according to China Merchants Bank.
The biggest Chinese private bank aims to greatly increase its Hong Kong relationship managers, but a senior executive admits achieving this goal will be very challenging.
The Shenzhen-based group is expanding its presence in Hong Kong and has other overseas branches in the pipeline in Europe and the US, in a bid to sustain its rapid growth.
China Merchants Bank posted the fastest asset growth among private banks globally last year, and industry observers say mainland firms are well positioned to continue this trend.
China Merchants Bank and ICBC have leapt into the ranks of the 25 biggest private banks by global AUM for the first time, fast outgrowing their international peers, finds new research.
The Dutch firm sells its 33% holding in China Merchants FMC to its two local partners in an industry first. While any future sale of a stake in the firm could be pricey, it might be money well spent.