As the first offshore Private Banking Centre of China Merchants Bank, Wing Lung Private Banking provides investment products and value-added services to our high-net-worth clients in Hong Kong and mainland China.
Source: The Standard Finance
China Merchants Bank (3968.HK) opened its first offshore private banking center in Hong Kong yesterday at the headquarters of its local subsidiary, Wing Lung Bank (a wholly-owned subsidiary of China Merchants Bank).
The center will provide global wealth management services to high-end clients both in the Hong Kong SAR and the mainland China.
Managing family trusts will also be a prominent business of Wing Lung Private Banking, said Zhu Qi, executive vice president of CMB and chief executive of Wing Lung Bank. CMB set up Wing Lung Private Wealth Management Centre in Hong Kong two years ago. It now has more than HK$10 billion of assets under management.
“The rapid increase in mainland customers, mainly introduced by CMB, is beyond our expectation,” Zhu said. Hong Kong is still the major source of clients for the center, but mainland customers will possibly surpass locals in the near future, he said.