China Merchants Bank (CMB) has established its first overseas wealth management centre through its Hong Kong subsidiary Wing Lung Bank in a bid to tap into the growing demand for private banking services from PRC nationals in the territory. And it wants to recruit more account managers.
Speaking about hiring for the new centre, a Wing Lung spokesperson told us: “Account managers with at least five to eight years’ banking experience, and languages skills in Chinese, English and Cantonese are in great need. We prefer professionals with global banking experience and vision, and a history of dealing with HNW clients from the mainland.”
According to research by CMB and Bain Capital, about 60 per cent of HNW people in China with assets above 10m yuan are considering moving overseas. They need investment opportunities and wealth management services covering both domestic and foreign markets, and Hong Kong has become the major off-shore yuan hub for them.
“More and more rich people from the mainland are setting up bank accounts in Hong Kong, and they will be the main clients for Chinese banks in Hong Kong,” says Zhangliang Cao, senior consultant in banking and finance, Antal International China.