Home >News Updates >ICBC News
ICBC Upgrades Private Banking Service System

On the tenth anniversary of its launch of the private banking business, ICBC recently initiated a massive upgrade for the system. By leveraging its overall advantages in retail, assets management, investment banking and technology, ICBC provides customers with professional, comprehensive and panoramic services featuring all-dimension and all-procedure. After the transformation and upgrade, ICBC private banking will be further elevated to a new level in terms of product alternatives, domestic and overseas connectivity and equal importance of financial and non-financial services, and will substantially enhance its value creation capabilities to provide much better financial services for high-net-worth individuals.

As introduced by an official from the Private Banking Department, ICBC launched its private banking business in 2008, the first Chinese bank with operation license issued by the China Banking Regulatory Commission (CBRC). As of the end of 2017, the number of customers of ICBC private banking reached 75,500, with asset value under management amounting to RMB1.33 trillion and compound annual growth rate at 133%, taking the lead in the domestic industry. In terms of service team and network, ICBC has a professional private banking service team consisting of more than 5,000 employees, with its service network extending to all areas at home, as well as 21 overseas countries and regions.

In terms of product services, ICBC, by building the MOM (Manager of Managers) mode, has empowered itself with professional investment management capabilities and diverse product systems, thus meeting customers’ needs for all-market, all-product and all-duration asset allocation. During the process, ICBC consistently pays close attention to personalized demands of customers and continues to launch new innovative businesses, such as overseas private equity platform, separate account service, remuneration right, family wealth management and private banking credit card, continuously leading the domestic industry.

According to the official, ICBC will continue to leverage its group advantages in the future to integrate global resources, speed up the building of an expert team and push forward innovation, thus building a private banking service system for high-net-worth customers featuring “integration of investment and financing, domestic and overseas institutions, and corporate and personal business”, and offering the “ heart of partner” to China’s growing high-net-worth population.