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.

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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

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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.