China Merchants Bank (CMB) has opened its first offshore private banking center in Hong Kong at the headquarters of its local subsidiary, Wing Lung Bank.
The Wing Lung private banking center will provide global wealth management services to high-end clients both in the Hong Kong and the mainland.
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The center will also offer integrated financial service solutions to clients to create and maintain wealth.
Zhu Qi, executive vice president of CMB and CEO of Wing Lung Bank said that managing family trusts is a major business of Wing Lung Private Banking.
CMB has already established Wing Lung Private Wealth Management Centre in Hong Kong in 2012, which now has more than HKD$10 billion of assets under management. It has purchased Wing Lung Bank Ltd in 2008.
"The rapid increase in mainland customers, mainly introduced by CMB, is beyond our expectation. Hong Kong is still the major source of clients for the center, but mainland customers will possibly surpass locals in the near future," Zhu added.
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By GlobalDataLiu Jianjun, executive vice-president of China Merchants Bank, said: "With the rapid growth of Chinese economy and the globalization of capital, developing cross-border wealth management businesses has become the general trend for the banks."
Using Wing Lung Bank’s platform, China Merchants Bank will provide more diversified and personalized overseas investment channels as well as asset allocation methods to HNW clients.
