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CMB Vice President Ding Wei: Private Banking Is Booming
 

Previously, high-end customers managed assets by themselves and focusing on real estate, stocks and deposits. With the rapid development of private banking, customers with financial assets over RMB10 million can become CMB private banking customers. CMB will allocate a senior customer manager and a "1+N" team comprising experienced investment consultants to improve the financial plan for your family and realize your wealth management targets.
 

On October 19, the CMB Jinan Private Banking Center was inaugurated to meet high-end customers' demands for professional financial services, marking CMB's 27th private banking center in China. CMB Vice President Ding Wei attended the inauguration and shared his opinions on the development of private banking in an interview.

 

Ding indicated that people's wealth has grown rapidly, boosted by China's strong economic growth over the past three decades. The rapid increase in high-end customers' wealth has created an increasing need for expanding the traditional asset portfolio that concentrates on real estate, stocks and deposits into the area of trusts, gold and PE. The rapid swell in social wealth has delivered a huge market for banks. As a leading retail bank, CMB sensed the huge opportunity five years ago. Since the establishment of the first private banking center in Shenzhen, CMB has set up private banking centers in first-tier eastern cities, and the number of private banking customers has doubled from 10,000 to nearly 20,000 in two years.

Ding attributed the high popularity of CMB’s private banking platform to its expanding portfolio of private banking products and services, an open private banking platform, and a full range of overseas investment products. CMB has continued to improve the service system, bringing a full range of value-added services including health care, immigration, education and business travel services for high-end customers. Moreover, CMB headquarters has developed the core private banking team into a professional team comprising 100 global experts with a comprehensive training system that covers new staff and investment consulting training. The "1+N" service team refers to one private banking customer managers and multiple investment consultants.

According to Ding, the past five years has seen CMB develop its own brand of private banking, which has continued to boost CMB’s brand equity. He believes: "It’s our responsibility to maintain your family’s wealth." This is our commitment to private banking customers. In addition to maintaining and boosting private financial assets, we will continue to improve and diversify our asset portfolio to meet the needs of those who have accumulated wealth. Moreover, we focus on the changing needs of customers and their family members by formulating customer-tailored plans.

Ding indicates that CMB will offer family-based financial services to meet high-end customers' demands. These comprise a series of financial services that include wealth appreciation, risk control, asset allocation and inheritance. Developed by a team of banking, trust, insurance, law and tax experts, they are designed to meet diversified financial demands.