Ping An Bank has imputed a sharp rise in its retail assets under management (AUM) to its drive for greater finch adoption.
A Ping An Bank representative told Securities Times that the bank’s retail AUM had breached 2 trillion yuan, for an increase of 41.2% compared to the start of 2019.
According to Ping An Bank its retail AUM balance has risen nearly 3-fold since it launched its official shift towards retail and consumer banking in the second half of 2016.
During the first three quarters of 2019 Ping An Bank’s wealth management clients increased by 26.5% in number, while its private banking clients increased by 36.2%.
Ping An Bank’s private banking AUM approached 670 billion yuan as of the end of September 2019, for an increase of 46.2% compared to the start of the year.