ICBC Private Banking this year marked its 12th anniversary of becoming China’s first licensed private banking institution. Over that time, it quickly expanded and distinguished itself from competitors to become a market leader. It has built a team of more than 5,000 financial advisors, extended its presence to all major Chinese cities and established a worldwide service network. As of June, ICBC Private Banking had 169,000 clients, with assets under management hitting 2.9 trillion yuan (US$425.75 billion).
As an integral part of ICBC Group’s strategy to become the No. 1 personal bank in China, ICBC Private Banking is pushing forward with innovative products and services. It is well positioned to leverage the parent group’s advantages in personal banking, asset management, corporate investment banking, financial technology, fund insurance and risk management, which allow ICBC Private Banking to provide a full package of integrated, professional, quality services.
ICBC Private Banking provides its high net worth clients—comprised of individuals, businesses and families—with all-market, omni-target and full-term asset allocations while focusing on comprehensive, personalized solutions. In recent years, the bank zeroed in on market trends and used its extensive resources to launch a string of successful products and services, such as its “fixed income plus” solution.
Its distinctive offerings extend to a diverse lineup of advisory services. ICBC Private Banking is committed to providing a full package of value-added services for high net worth clients and their families that include health, business travel, inheritance, art and lifestyle.
When it comes to online services, ICBC Private Banking pools its digital resources in an innovative way. It offers a VIP version of the ICBC Mobile Banking app, which allows premium clients to use WeChat and other social media platforms to contact the ICBC Private Banking team with a click for timely support.
In the fight against Covid-19, ICBC Private Banking leveraged the group’s resources to support medical staff in Wuhan, Hubei Province. It started a fundraising program called “Caring for Hospital Nurses in the Pandemic Fight,” through which it was able to deliver 10,000 sets of personal protective equipment to frontline workers.
It also moved quickly to launch financial services and products targeted at Hubei businesses. It cooperated with other group departments to develop “ICBC Exclusive Loan” solutions for areas severely impacted by the pandemic, and assisted efforts to support small and micro businesses and their owners with sufficient credit and financing services to help them overcome ongoing difficulties. ICBC Private Banking delivered online sessions to explain financial, taxation and economic policies put in place by the Chinese government and the bank in response to the pandemic crisis as well as government guidelines for companies resuming operations. After the government eased travel restrictions, ICBC Private Banking allocated marketing resources and value-added services to help its Hubei branch resume its client services and business operations.
ICBC Private Banking remains committed to the group’s core value of “Integrity Leads to Prosperity,” and continues to build an ecosystem of services that features “group-wide collaboration, full market selection, all-product configuration and global service availability” to facilitate the development of the real economy and serve individuals, companies and family properties.
