OREANDA-NEWS. March 13, 2012. ICBC, with an outstanding performance in private banking business, edged ahead all Chinese and foreign banks and retained its position as the "Best Private Bank in China" again, according to Euromoney's "Private Banking and Wealth Management Survey 2012". This year, ICBC showed the breadth of its private banking business by moving up to 25th from 31st last year in global ranking, placing 6th in Asian ranking after being 9th. In addition, ICBC also won 15 category awards in China Banking, including investment products ranges, advisory and consultancy, investment and financing solutions and entrepreneur services, reported the press-centre of ICBC.

ICBC set up its Private Banking Department on March 27, 2008, the first licensed financial institution dedicated to private banking business in China. Since then, ICBC consolidates the resources inside and outside the Group to offer a wide spectrum of financial asset services to cater specifically the private banking customers, including financial management, asset management, consultancy and advisory, private value-added and cross-border financial service. At present, ICBC has 14 private banking service organizations located in all major developed regions of Mainland China as well as Hong Kong. At the end of 2011, ICBC has over 22,000 private banking clients with assets under management reaching more than RMB 434.5 billion, ranking No.1 among the banks in China.

Meanwhile, ICBC also boosts its private banking services overseas. By extending personalized cross-border financial services and solutions, ICBC aims to meet the needs of domestic and overseas private banking customers for global asset allocation. In end-2011, ICBC set up the Private Banking Center (Hong Kong) in Hong Kong through its wholly owned subsidiary- ICBC (Asia). Leveraging Hong Kong as an international financial center, ICBC steps up its R&D and consolidation on cross-border financial products from a global prospective, and offers a comprehensive range of overseas private banking products and services for customers covering 4 business segments: commercial banking, asset management, investment banking and private value-added services.