The wealth management operations of Chinese banks have continued to see strong growth during the transitional period for new asset management rules launched in 2018.
At least five banks had outstanding wealth management product (WMP) balances that were in excess of 2 trillion yuan as of the end of 2020, including Industrial and Commercial Bank of China (ICBC), China Merchants Bank, China Construction Bank (CCB), Agricultural Bank of China (ABC), and Postal Savings Bank of China (PSBC).
Chinese banks are also pushing hard to complete the transition from expected yield WMP’s to net value WMP’s as mandated by regulators under new asset management rules released in 2018.
Wealth management operations of selected Chinese banks and their WMP subsidiaries as of end of 2020
|Bank||Group-level WMP balance||Growth||Share of net value products||WMP product balance of wealth management subsidiary|
|ICBC||2.7084 trillion yuan||2.50%|
|China Merchants Bank||2.45 trillion yuan||11.87%||67.76%||2.45 trillion yuan|
|CCB||2.2248 trillion yuan||3.90%||45.00%||697.0 billion yuan|
|ABC||2.0277 trillion yuan||949.8 billion yuan|
|PSBC||Over two trillion yuan||8.22%||55.31%|
|Industrial Bank Co., Ltd.||1.4757 trillion yuan||10.35%||76.76%||685.9 billion yuan|
|Shanghai Pudong Development Bank||1.25 trillion yuan|
|China CITIC Bank||1.1186 trillion yuan||13.66%||70.00%||39.9 billion yuan|
|Bank of Communications||1.0938 trillion yuan||22.90%||52.36%||533.8 billion yuan.|
|China Minsheng Bank||861.1 billion yuan||61.38%|
|China Everbright Bank||836.2 billion yuan||7.37%||60.21%||504.1 billino yuan|
|Ping An Bank||648.2 billion yuan||9.80%||71.50%|