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Several of China’s leading state-owned banks have begun omitting private banking data from their annual reports, a departure from previous practices. Once considered the highlight of their retail banking sectors, private banking metrics like client counts and assets under management are no longer being publicly disclosed as these institutions shift their focus toward enhancing overall service quality and fostering long-term client relationships, rather than solely emphasizing asset growth.
Four major state banks, including the Industrial and Commercial Bank, Agricultural Bank, Bank of China, and China Construction Bank, refrained from reporting key private banking figures in their 2025 annual reports. Historically, these metrics served as vital indicators of a bank’s high-net-worth client business. However, this marks the first time these institutions have excluded such core private banking data, with industry insiders noting that disclosure of private banking client numbers remains optional, giving banks discretion over what to publish.
Industry analysts observe that competition in private banking is increasingly centered on sustainable value, such as service quality and relationship management, rather than just assets under management. This shift explains why major banks are de-emphasizing private banking scale figures and instead highlighting their broader service capabilities and commitment to long-term client engagement.
For instance, a prominent bank highlighted efforts to upgrade its “private banking +” platform, emphasizing wealth management, client segmentation, and ecological integration—aiming to establish an integrated service network combining private banking and wealth management centers. Another bank stressed its focus on core private banking services like asset allocation, family advisory, and corporate finance, with plans to deepen tiered client management and grow family trusts and insurance trusts at annual rates exceeding 20 percent.
While reporting private banking growth can continue to demonstrate resilience and bolster brand competitiveness, industry insiders suggest that the emphasis is now shifting. Metrics such as per-client assets, asset stability, and fee-based income contributions are becoming more crucial in assessing private banking quality than merely tracking client numbers.
The industry is experiencing a strategic transformation, with private banking evolving from solely product sales to providing comprehensive, lifecycle asset management services. Experts recommend banks accelerate the development of wealth inheritance tools like family and charitable trusts and tailor their offerings to specific client segments, such as entrepreneurs and tech startup founders, by delivering personalized, holistic financial solutions.
Looking ahead, private banking is expected to become more concentrated at the top-tier, with leading institutions dominating the market. Meanwhile, some competitors may carve out niche specialties. Growth strategies will likely pivot from external expansion to refining internal capabilities, with service models becoming more advisory and investment-centered.
Banks are encouraged to shift from a product-selling approach to a customer-centric wealth management model. This entails revamping performance metrics and incentive structures to enhance client experiences and establish durable advantages in the wealth management industry.
While many other major banks continue to report private banking data, including private client counts and assets under management, some, like the Bank of Communications and Postal Savings Bank, have disclosed significant growth figures. For example, Bank of Communications reported over 105,000 private banking clients at the end of last year, reflecting an 11.6 percent increase from the previous year, with assets under management rising 10.3 percent to approximately USD209.2 billion.
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