Industrial Bank of China selected a Swiss software firm to provide a banking solution for its private-banking branch in Hong Kong.
The Fuzhou-based bank, one of China’s largest, chose Avaloq to install a comprehensive front-to-back banking solution for its Hong Kong branch private banking, the Swiss firm said in a statement on Thursday. The company didn’t say how much the deal was worth.
The private-banking division of Industrial Bank is based in Shanghai and has some 20,000 clients in mainland China and about $45 billion in assets under management.
Strong in Private Banking
The bank had first opened a branch in Hong Kong in 2014 and later decided to add a private-banking arm in the city to provide comprehensive wealth management services to its clients.
Avaloq worked with Orbium to implement the banking suite in six months.
