One of China’s leading joint-stock banks has seen its retail investor assets under management (AUM) rise past the 10 trillion yuan (approx. USD$1.55 trillion) threshold.
China Merchants Bank (CMB) announced that it had recently become the first joint-stock commercial bank in China to see its retail AUM exceed 10 trillion yuan, amidst strong growth in wealth management operations.
“Faced with a huge and rapidly growing client base and AUM, as well as the increasingly diversified wealth management needs of clients, it’s no longer enough for CMB to to rely on its own services,” said a CMB spokesperson at its “Wealth Ecosystem Cooperative Partnership Conference” (财富生态合作伙伴大会) held in Beijing on 15 July.
“We hope to join forces with cooperative partners to drive CMB’s wealth management strive towards digitisation, platforms and ecosystems, and provide better investment experiences to more than 160 million clients.”
CMB said that its wealth management partners include over 100 fund companies, 40 private equity companies, over 30 insurance companies, 25 trust companies, 16 precious metal companies and nine bank wealth management subsidiaries.