Joint-stock lender China Merchants Bank (CMB) has announced plans to launch a new type of retirement trust product for private banking clients.
CMB recently announced that its private banking department had launched the “Retirement Guarantee Special Goal Family Trust” (养老保障特殊目的家族信托) product, with the goal of providing improved retirement financial services to elderly clients.
According to CMB the product is a special type of family trust that is established in cooperation with trust companies, and can serve as either a pure retirement trust or act as a mixed-goal trust combining retirement and inheritance objectives.
CMB sources said to state-owned media on 8 June that while the product has yet to be officially launched, the bank has confirmed a group of trust companies to serve as partners, including Wukuang Trust (五矿信托), Zhonghang Trust (中航信托) and Waimao Trust (外贸信托).
“We are currently in the process of researching related retirement trust products, but have yet to officially launch,” said a source from CMB’s private banking department to 21st Century Business Herald.