① The number of private banking clients of the five state-owned banks reached a historic record at the end of June this year - breaking the one million mark for the first time, with a total of 1.055 million clients. ② In the first half of this year, the private banking clients of the five major banks increased by nearly 0.1 million, approaching the total data for the previous year. ③ The semi-annual report found that each bank has identified private banking business as one of the key development directions.
According to the latest semi-annual report data, the number of private banking clients of various banks is still growing rapidly.
Today, Caixin reporter compiled data from the five major state-owned banks (Note: The annual report of Postal Savings Bank of China does not disclose private banking clients) and representative joint-stock banks, CMB and Ping An. The annual reports of the seven national banks show that private banking clients have seen varying degrees of growth in the first half of the year. Moreover, ICBC and China Construction Bank have achieved double-digit growth in the number of private clients compared to the beginning of the year, leading other banks.
Among them, the total number of private banking clients of the five state-owned banks reached a new milestone at the end of June this year - surpassing one million for the first time, with a total of 1.055 million clients.
The number of private banking clients of the seven national banks is still increasing, with ICBC and China Construction Bank seeing a growth rate of over 10% compared to the beginning of the year.
According to the latest semi-annual report released by ICBC, as of the end of June, there were 0.296 million private banking clients, an increase of 0.033 million from the end of the previous year, a growth of 12.6%; managed assets reached 3.41 trillion yuan, an increase of 343.6 billion yuan, a growth of 11.2%.
The semi-annual report of Agricultural Bank of China shows that as of June 2024, the bank had 0.2475 million private banking clients and managed assets totaling 2.85 trillion yuan. Caixin reporter reviewed the annual report of ABC for the end of 2023 and found that as of the end of 2023, the bank had 0.224 million private banking clients and managed assets totaling 2.65 trillion yuan, representing an increase of 0.024 million clients and 0.45 trillion yuan, respectively, from the previous year.
In comparison, this means that the number of private banking clients of Agricultural Bank of China increased by 0.0235 million in the first half of the year, and managed assets increased by 0.2 trillion yuan.
According to the semi-annual report of Bank of China, as of the end of June, the number of private banking clients in the group reached 0.1852 million people, with a financial asset scale of 2.84 trillion yuan. There are 197 private banking centers established in mainland China. According to the annual report of Bank of China in 2023, at the end of 2023, the number of private banking clients in the group reached 0.1737 million people, with a financial asset scale of 2.69 trillion yuan. By comparison, the number of private banking clients of Bank of China in the first half of the year increased by 0.0115 million households compared to the end of 2023.
According to the latest semi-annual report of China Construction Bank, as of the end of June, the bank's private banking client financial assets reached 2.7 trillion yuan, an increase of 6.93% compared to the end of the previous year; the number of private banking clients reached 0.2354 million people, an increase of 10.59% compared to the end of the previous year.
According to the latest semi-annual report of Bank of Communications, as of the end of the reporting period, the number of private banking clients in the group reached 0.0909 million households, an increase of 8.76% compared to the end of the previous year; the group managed private banking client assets of 1246.8 billion yuan, an increase of 6.89% compared to the end of the previous year.
Among the representative joint-stock banks, the latest semi-annual report of China Merchants Bank shows that the number of its private banking business clients reached 158,434 at the end of the reporting period, an increase of 6.44% compared to the end of the previous year. Ping An Bank's latest semi-annual report disclosed that as of June 2024, the bank's wealth management clients reached 1.4243 million households, an increase of 3.4% compared to the end of the previous year, of which the number of private banking clients reached 0.1935 million households, an increase of 3.7% compared to the end of the previous year; the AUM balance of private banking clients reached 1944.879 billion yuan, an increase of 1.5% compared to the end of the previous year.
According to reporter's statistics, based on the semi-annual report data of the five major state-owned banks, the total number of private banking clients of the state-owned banks this year has set a new historical record and exceeded one million for the first time.
According to comprehensive statistics, as of the end of June this year, the total number of private banking clients of the five major state-owned banks, namely ICBC, ABC, BOC, CCB, and Bocom, reached 1.055 million, compared to 0.957 million households at the end of 2023. In the past six months, the number of "high net worth" clients of the five major banks has increased by nearly 0.1 million, a speed that is significantly faster than last year. Public data shows that at the end of 2022, the total number of private banking clients of the five major state-owned banks was 0.8563 million households. In the first half of this year, the new addition of private banking clients by the five major banks has already approached the data for the entire previous year.
Private banking business has become a focus of development for major banks, with family trusts and retirement financial planning becoming new selling points.
Cailian Press reporters have found in the above-mentioned semi-annual reports of banks that each bank has made private banking business one of its key development directions, and has disclosed to varying degrees the bank's development plans in private banking.
Industrial and Commercial Bank of China stated that it promotes diversified allocation and the asset allocation service system is becoming more balanced. Combining customer needs, it has launched thematic products such as "Science and Technology Innovation", "Qingshan", and "Pushan", investing in advanced manufacturing, specialized, special, and new, clean energy, ecological protection, charity, and other fields. It has introduced "Stock-based Family Trusts", continuously upgrading charity trust services, steadily advancing the development of comprehensive family service trust advisory business, and further improving the family service ecosystem.
Agricultural Bank of China stated that it is improving the pyramid-type professional service system, carrying out the benchmark construction of the "Double Hundred Leadership" private banking center, achieving full coverage of key cities nationwide. It is advancing the sinking of wealth management centers at the branch level, with the number of private banking clients in the county increasing by 12% compared to the end of the previous year, and managing assets of private banking clients in counties surpassing 1 trillion yuan. It is nurturing core private banking talents represented by private bankers and top wealth advisors, enhancing the professional service level of wealth advisory teams. It is focusing on building a comprehensive financial service ecosystem for private banking clients' families and businesses, with the family trust scale increasing by over 20 billion yuan, providing public and private collaborative services to specialized, special, and new, as well as small and micro enterprises, expanding the customer base by nearly 10,000 private business owners. It is continuously enhancing public welfare financial services, holding the "One Charity Public Welfare Journey" charity trust customer activities, with private banking public welfare trusts having cumulatively helped 0.017 million beneficiaries.
Bank of China stated that it adheres to the "Group Runs Private Banking" concept, integrating the diversified strengths of the group to create a full-cycle, multi-scenario, customized wealth value management service. It is improving the investment strategy information service system, optimizing the layout of private banking product sales covering the entire market, the entire group, and operating 24/7, strengthening sales appropriateness management, continuously enhancing asset allocation and custom services capabilities for clients. It is strengthening the "Entrepreneur Office" services, providing comprehensive service solutions tailored to key entrepreneur clients, promoting business financing credit services for key entrepreneur clients, actively supporting the real economy. It is accelerating the development of family trust business, with family trust customers growing by 52.83% over the end of the previous year, and implementing non-listed company equity trusts. Leveraging overseas private banking service advantages, assisting clients in optimizing global asset allocation, implementing multiple overseas listed company employee stock-based incentive services. It is continuously launching exclusive products for regions such as Yangtze River Delta, Greater Bay Area of Guangdong, Hong Kong, and Macau, Jing-Jin-Ji, to support high-quality regional economic development. It is continuously promoting the issuance of charitable and public welfare products and the implementation of charitable trusts, fulfilling social responsibilities.
China Construction Bank Corporation stated that it is deeply advancing private banking professional operations to build a professional brand image. It is assisting in the "Five Major Strategies", further promoting the linkage between private banking and inclusive services, enhancing the depth of services for professionals in science and technology enterprises, professional technical customer groups, etc., increasing the promotion of private banking retirement financial planning services, continuously improving the digital service experience of "CCB e-Private Banking" and others. It is deepening precision cultivation of private banking clients, relying on group resource advantages, playing a benchmark role in private banking center services, advancing financial services including private banking wealth planning, asset allocation, family wealth, corporate financing, legal consulting, health care, and other comprehensive private banking quality services, deepening high-quality companionship with private banking clients. It is consolidating the advantages of family wealth, enriching the content of family trust advisory services, expanding coverage of insurance fund trust advisory, family office, and other services, with family trust advisory business management scale of 115.802 billion yuan, maintaining industry leadership. It is selecting superior cooperative institutions, strengthening product strategy research, penetrating risk identification, and comprehensive management throughout the lifecycle, continuously enhancing the professional management level of private banking products.
CM Bank pointed out that the company is committed to providing cash management, asset allocation, wealth inheritance, and other services, enhancing customer experience through technological upgrades, such as launching the CM Bank App Exclusive Version, and utilizing big data technology to enhance service intelligence. It provides global service networks and integrated investment and financing solutions for high-net-worth clients in the private banking (Singapore) center and Luxembourg branch.
Ping An Bank pointed out that it continues to enhance the professional capabilities of its private banking wealth business in terms of products, services, and team, constructing a professional and competitive equity service system, comprehensively promoting the high-quality development of private banking wealth business. In private banking client operations, it creates flagship equity services such as high-end medical care, childcare education, charity planning, etc., providing long-cycle, multi-strategy asset allocation solutions and wealth inheritance plans.