HONG KONG, Sept. 12, 2018 /PRNewswire/ -- China's Top 10 private banks posted an RMB 1.2 trillion increase in assets under management (AUM) in 2017 to bring their combined total to a record-high RMB 8.3 trillion, according to Asian Private Banker data, which today releases the latest data set pertaining to China's onshore private banking industry.
AUM growth slowed slightly in 2017, dropping from 21.8% in 2016 to 16.8%. However, the total AUM held by China's Top 10 private banks has increased at a CAGR of 25.2% since 2013, outpacing Asia's (ex-China onshore) Top 10 players whose growth rate is significantly less at 9.2% over the same period.
Topping the table is China Merchants Bank (CMB) Private Banking with RMB 1.9 trillion in client assets in 2017, a 14.8% year-on-year increase. Industrial and Commercial Bank of China (ICBC) Private Banking and Bank of China (BOC) Private Banking follow closely with RMB 1.3 trillion and RMB 1.2 trillion, respectively, at the end of 2017. New joiners to 2017's League Table include Ping An Bank (PAB) Private Banking (RMB 341.2 billion) and Industrial Bank (CIB) Private Banking (RMB 324 billion).
Commenting on the 2017 results, Asian Private Banker's Editor, Sebastian Enberg, said: "Modest by past standards, growth -- at least in terms of new client assets -- has been muted by a regulatory overhaul that amounts to a 'reset moment', which should in turn usher in international-class standards in advice and product to the benefit of private banking clients in China."
The total number of private banking clients in China reached almost 550,000, with an addition of more than 79,000 new clients in 2017 -- a 16.9% year-on-year increase. Meanwhile, the average value per client account has increased by 2.6% from RMB 15.4 million in 2016 to RMB 15.8 million. Well above the average minimum asset requirement of RMB 7.6 million.
China 2017 AUM & Client Count League Tables
View full data online at:
NOTES FOR EDITORS
Assets Under Management (AUM) and Client Count League Tables
Asian Private Banker has been releasing its annual China Assets Under Management (AUM) and Client Count League Tables since 2017. They are the most accurate, complete, and trusted indicators of their type, used by banks and media to benchmark performance and supplement reporting.
For further information, please visit: apb.news/caumpr
About Asian Private Banker (APB)
Asian Private Banker is Asia's largest and best-connected bureau of journalists and researchers delivering independent, authoritative and indispensable intelligence, data and connections focused solely on Asia's rapidly growing private wealth management communities. APB distils Asia's private wealth industry news, data and research, and delivers it on several platforms:
If you have any queries regarding this information, please contact:
Sebastian Enberg - Editor
sebastian.e@asianprivatebanker.com
+852 2529 7377
If you have general queries, please contact:
Gigi Lam - Awards & Public Relations Manager
gigi.l@asianprivatebanker.com
+852 2529 4178
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