Industrial and Commercial Bank of China Limited (ICBC) has grown its private banking business over the past decade to become one of the leading players in China, with an expanding presence abroad. Headquartered on the banks of Shanghai’s historical Huangpu River, ICBC became the first financial institution to be granted a license specializing in the private banking business by the China Banking Regulatory Commission in 2008.
Since then, the bank’s private banking team has developed assets under management (AUM) to more than RMB 1 trillion (US$145.05 billion) as it capitalized on the country’s rapidly growing wealth in that period.
As of the end of June, ICBC Private Banking’s AUM stands at 1.6 trillion RMB (US$232.08 billion). It serves more than 90,000 high-net-worth clients and 400 service institutions, covering main cities and regions in mainland China. Internationally, the private bank has established sub-branches in more than 20 countries and regions, forming a global network in Asia, Europe, North and South America as well as in Australia and New Zealand.
Exclusive and Integrated Services
As part of a global banking group, ICBC Private Banking is able to leverage on the integrated resources of the entire bank—from investment banking and corporate finance to credit cards and insurance—to offer a holistic service and better meet the increasingly complex needs of its clients.
Internally, ICBC Private Banking continues to build its brand by adding new exclusive services, such as concierge services and emergency assistance, that are designed to serve its clients’ needs in a wide range of areas, including healthcare, education and business travel.
Embracing a Digital Strategy
ICBC Private Banking is also investing in fintech solutions such as big data and artificial intelligence to improve efficiency and customer service. For instance, it offers an AI-advisor service that helps financial advisors quickly provide clients with investment portfolio and asset allocation strategies.
Meanwhile, ICBC’s various online and mobile services platforms help to deepen and improve the interaction between HNWI clients and the bank, promoting security and efficiency in the process.
Committed to Philanthropy
Throughout its growth journey, ICBC Private Banking has been committed to giving back to the less privileged in the community. Last year, for instance, it collaborated with clients to promote better living conditions for children in remote regions. Together with professional charitable foundations, ICBC Private Banking raised money to donate water heaters to nearly 50 primary and secondary schools in Sichuan province.
Over the years, ICBC Private Banking has built a team of professional talent with the necessary knowledge and skill sets to serve the high-net-worth segment in China. To achieve this, it has put in place a training system that caters to different levels of expertise. The system is made up of various components—including online classes, remote learning platforms, case studies and overseas training opportunities—to help its people develop transferrable skills.
Leveraging both internal and external resources, ICBC Private Banking will continue to develop its services platforms across markets, institutions and products, and provide its clients with exclusive services with integrity, professionalism and passion.