Demand for private banking services is increasing as investors seek to protect wealth and generate income amid global market challenges. Ping An Bank’s private banking has developed rapidly to serve the growing demands of high-net-worth customers, becoming a model for private banking in China.
Throughout 2023, global economic challenges and risks related to inflation, interest rates, geopolitical factors, and banking stability have cast a shadow over the capital markets. Among wealth management customers, high-net-worth individuals increasingly focus on wealth preservation, creating a more urgent demand for professional wealth management services.
Ping An Bank (Ping An) has emerged as China’s private banking industry leader, continuously upgrading customer-centric product offerings, relationship management, and team capabilities to meet growing demands of ultra-high-net-worth clients.
Commitment to Investment Quality & Asset Allocation
Wealth preservation and asset appreciation are primary private banking goals of high-net-worth clients. Ping An’s private banking offers the highest-quality products and equities through a comprehensive product platform with multiple markets, asset types, and strategies to meet clients’ asset allocation needs.
Ping An rigorously evaluates and selects products to ensure maximum returns. In the private equity sector, it offers the top 1% market opportunities; for public offerings, it constructs preferred portfolios using the “MASTERS” evaluation system; and for wealth management, it incorporates products from leading domestic wealth management subsidiaries.
Using a boutique strategy, Ping An’s private banking formed partnerships with top domestic and international institutions. International partners include renowned institutions such as KKR, PIMCO, Baillie Gifford, Oaktree, and Neuberger Berman. Domestic partnerships with top fund companies, including E Fund and 99fund, have created the “Bank-Fund Open Platform.”
Beyond Wealth Management
In response to growing demand from high-net-worth clients for comprehensive services beyond wealth management, Ping An’s private banking extended its scope to address wealth-adjacent services, such as high-end medical care, children’s education, and charitable planning. By addressing clients’ broader wealth service needs, the bank is augmenting its private banking services.
Leverage Ping An Group’s healthcare resources, private banking’s high-end medical care service connects clients to first-class international medical providers for hard-to-obtain care, such as urgent appointments and hospitalizations, providing a “personal advisor” throughout the client experience.
For charitable planning, Ping An’s private banking helps clients achieve philanthropic goals, providing professional guidance on charitable investments.
Building a Top Private Banking Service Platform
As high-net-worth client needs become more diverse, Ping An’s private banking launched China’s first top-notch private banking service platform, leveraging the “One Ping An” ecosystem to address the comprehensive needs of individuals, families, and enterprises.
For inheritance and estate planning, Ping An’s private banking creates customized “family charters” covering wealth and health management, intergenerational growth, charitable planning, legal and tax planning, and enterprise think tanks. The “family charters” provide systematic professional solutions for estate planning needs, bring long-term care services to clients, and help Chinese families and businesses thrive financially.
For enterprises, Ping An’s private banking introduced a financial solution for C-level executives, core employees, and business operations. Services includes employee incentives, investment and financing for corporate directors and executives, and a digital platform for corporate governance.
Ping An’s private banking provides network expansion for entrepreneur and philanthropy customers. Ping An’s industry-first “Qiwang Entrepreneurs Association” platform customizes financial services, market reach, and brand, operational, and social value empowerment for entrepreneurs. Another first is the bank’s one-stop multi-level philanthropy offering, which provides all services customers need to support their philanthropic goals, including facilitating charitable donations on the Ping An Public Welfare platform, philanthropic planning advisory, and guidance in establishing charitable trusts.
Specialist Private Banking Teams
Believing “talent is the key to productivity,” Ping An’s private banking established a private banking team of over a thousand highly experienced and well-educated wealth management and investment advisory experts.
To cultivate the team’s exceptional asset valuation skills, Ping An’s private banking created a specialized wealth management training system focused on understanding underlying assets, products, and allocation. Leveraging the advantages of “finance + technology,” the bank continuously upgrades technological innovation and strengthens human-machine collaboration to empower team operations and enhance the customer experience. Ping An’s private banking also set up private banking centres in nearly 50 major cities nationwide as touchpoints for its high-quality services and resources.
The “1+1+N” Service Model
Ping An’s private banking developed a “1+1+N” service model, integrating high-value internal and external resources: “1+1+N” means private banking professionals plus top-level private banking consultants plus experts from sectors and service areas within and outside Ping An Group. This model ensures efficient customer service and quality control.
The crown jewel of retail banking, private banking is at the heart of Ping An’s retail transformation and successful wealth management strategy. Looking ahead, Ping An’s private banking is committed to leading China’s private banking industry, enhancing its products, asset allocation capabilities, and fintech innovation.