China Merchants Bank to Launch Private Bank in Singapore
China Merchants Bank is launching a new private bank center in Singapore. It manages about 1.7 trillion yuan in private banking assets at the end of 2016. China Merchants Bank vice president Liu Jianjun has stated his ambition to be the largest private bank in Asia.
“China Merchants Bank manages about 1.7 trillion yuan in private banking assets at the end of 2016.”
It set up its corporate banking services in Singapore in 2013. As of March 2017, the bank operations in Singapore had about US$2 billion in assets.
News Source: Bloomberg
About China Merchants Bank
Established in 1987 in Shenzhen, the forefront of China’s reform and opening-up drive, China Merchants Bank (“CMB”) is China’s first joint-stock commercial bank and also the first bank to attend the national experiment for the promotion of China’s banking industry reform driven by endeavours from outside the government. Since its inception 24 years ago, CMB has grown with China’s economic progress from a small bank with a capital of 100 million yuan, one branch and over thirty employees into a nationwide joint-stock commercial bank that has a total net capital of 140 billion yuan, a total asset of 2.6 trillion yuan, over 800 branches and over 50,000 employees, ranking it among the world’s top 100 banks.
- Origin: Shenzhen, Guangdong, China
- Assets: 2.6 trillion yuan
- Employees: 50,000 +
Official Website: http://english.cmbchina.com
News & Media: Press Release
Updated on 8th Aug 2016