Speaking in Hong Kong last week China Merchants Bank said its private banking business is continuing to show strong growth and that the bank is keeping an eye out for suitable overseas acquisitions. Wang Jing, general manager of private banking, said CMB's private banking assets are now worth over 700 billion Yuan.
From the start of 2015 through to the end of April the bank claimed to have signed up more than 3,000 new clients with a net worth of between 10 million and 22 million Yuan each.
As a result, CMB now has the leading wealth management business in China with a 10 percent market share. "We expect profit at our private banking business in the next three years to grow by 30 percent every year," said Wang.
According to a new report which we will be reviewing this week, the total assets of China's HNWI are estimated to have reached 32 trillion Yuan. It is thought that about 15 to 20 percent of this wealth is now outside of the mainland.
The report surveyed 2,800 high-net-worth individuals, each with assets of at least 10 million Yuan, this group of HNW's exceeded one million last year.
