The number of millionaires in mainland China grew by 35% in 2020, while the number of millionaires in Hong Kong fell by 7%, according to a new report from the private bank.
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.
The private bank's investment solutions team absorbed that of its recent acquisition, but it faces big obstacles to turn that into higher profits, say experts.
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.
We outline why UBS still reigns as the region's pre-eminent private bank and JP Morgan Asset Management's Asian Total Return Bond Fund was our retail product of the year.
Private equity firms take note: Credit Agricole's wealth arm sees rising appetite from its Asian clients for private markets exposure. The bank's Asia CEO also stresses a growing focus on digital services.