Industrial Bank Co. Ltd, one of China’s largest banking groups with total assets of CNY6.09trn, has teamed up with Avaloq to provide a comprehensive solution for its Hong Kong private banking business.
The solution is already live and will allow Industrial Bank Co Hong Kong Branch to provide its high-net-worth clients in Hong Kong with high-end levels of service.
Industrial Bank Co., Ltd ’s private banking arm is headquartered in Shanghai and currently provides services to over 20,000 clients in mainland China, managing assets in the range of CNY300bn.
It set up its first Hong Kong branch for corporate banking in 2014. Following the success of this initiative, the bank made the strategic decision to add a private banking arm in Hong Kong to provide comprehensive wealth management services to its clients.
“Industrial Bank Co., Ltd has become one of the world’s largest, most respected banks in just thirty years due to our strong commitment to our customers, a highly competitive product suite and a focus on best-practice technologies. We look to work with the very best partners to help us meet our aspirations and for our private banking business in Hong Kong, this means working with Avaloq,” said Nick Su, deputy chief executive at Industrial Bank Co., Ltd Hong Kong Branch.
According to the 2017 list of Top 1000 World Banks, Industrial Bank Co., Ltd was the 28th largest in terms of tier 1 capital and 30th in terms of total assets. Founded in 1988, Industrial Bank Co. Ltd now has 119 branches and 1,787 sub branches across China as well as correspondent relationships with over 1,500 banks worldwide.