China Bank's private banking arm named best in wealth mgmt

MANILA, Philippines - The Private Banking Group (PBG) of China Banking Corp. (China Bank) was named the Best Wealth Management House 2011 - Philippines by The Asset magazine. The awarding will be at The Asset Triple A Investment Awards 2011 on Oct. 20 at the Four Seasons Hotel in Hong Kong.

 China Bank executive vice president and chief operating officer Ricardo R. Chua said that the award is an affirmation of the bank’s philosophy and methodology as applied to private banking.

“It (award) recognizes our corporate mission as a ‘catalyst for wealth creation.’ We will continue to meet the demands of our high net worth clients,” Chua added.

China Bank is the fourth largest bank in the country in terms of capitalization, and recently, international rating agency Capital Intelligence raised its Long Term Foreign Currency rating to ‘BB’ from ‘BB-’ and affirmed its ‘B-’ Short-Term Foreign Currency rating, the same level as the sovereign ratings for the country.  

In 2006, the PBG underwent a business transformation; infrastructure, systems, technology, were improved and the private banking team was expanded, resulting in dramatic growth in business volume and revenues. 

By the second year, total assets under management grew 131 percent and private banking accounts increased by 88 percent. In 2010, assets under management increased 29 percent and outstanding portfolio improved 26 percent.

Chua said that it will continue to strengthen the private banking franchise by actively participating in the debt capital markets and various corporate debt issuances for an unparalleled offering of enhanced financial products and investment opportunities, reinforcing the investment advisory unit to generate more investment ideas to fit clients’ growing demand, as well as implementing new initiatives such as a rewards program, enhanced advisory services, and a private banking website that will provide clients with a 360-degree view of their portfolios.

The PBG offers a comprehensive suite of wealth management, trust, and investment management services backed by sound market research and in-depth knowledge of investment dynamics to deliver comprehensive solutions that shape clients’ financial future.