HONG KONG, Sept. 27, 2017 /PRNewswire/ -- China's Top 10 private banks accounted for over RMB 7.5 trillion in client assets at the end of 2016, a year-on-year increase of almost 22% and an average growth rate of 35%, according to Asian Private Banker, which today releases the most comprehensive data set pertaining to China's onshore private banking industry to date.
Assets under management (AUM) growth for China's Top 10 private banks also outpaced Asia's (ex-China onshore) Top 20 private banks, whose client assets climbed by just 6.1% over the same period.
As expected, China's domestic retail banking giants dominate the onshore market and rankings. China Merchants Bank (CMB) Private Banking leads the pack with over RMB 1.6 trillion in assets under management, followed closely by Industrial and Commercial Bank of China (ICBC) Private Banking and Bank of China (BOC) Private Banking, with RMB 1.2 trillion and RMB 1 trillion respectively at the end of 2016.
Combined, China's Top 10 private banks employed 6,904 relationship managers (RMs) in 2016, although not all RMs are private banking-specific with many banks using retail RMs to service private banking clients. Furthermore, the total number of private banking clients reached just under 475,000 and combined tier-one private banking branches increased from 331 in 2015 to 347 in 2016.
2016 China Top 10 private banks: AUM (RMB billion)
Total AUM (of the Top 10 private banks): …… RMB 7,522.7
Source: All figures based on Asian Private Banker estimates and published data
For the full historical data set, visit http://apb.news/china2016aum (English) and http://apb.news/aum2016china (Chinese)
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