China Merchants Bank’s (CMB) private banking business grew its client base 15% in the first six months of 2011, with assets under management (AuM) jumping 17%.
The results are in step with projections made by CMB vice president Ding Wei in April.
Earlier this year, Ding said assets and customer base of the private banking portion were forecast to grow more than 35% year-on-year in 2011.
AuM is now understood to be close to $50bn.
CMB boosts private banking centres to 22
CMB said in its interim results that it had also introduced a localised global assets allocation model for high-end customers.
CMB has 22 private banking centres in 18 major cities across the country, an increase of three in the past six months.
CMB’s wealth management business, which serves its mass affluent customers, reported income of RMB559m ($88m) for the first half of 2011, representing 65% year-on-year growth.
In May, CMB won the “Best Private Bank China” Award by Private Banker International.