Ping An Bank, the subsidiary of Ping An Insurance (Group) Company of China, has topped the rankings in Euromoney's Annual Global Private Banking and Wealth Management Survey for Best China Family Office Services.
The recognition reflects Ping An's market-leading technological capabilities and professional personalised services in private banking, tailored for Chinese families, according to a company statement.
Leading in digital operations for insurance trust and family trust businesses
Focusing on the strategy of data-driven online operations, comprehensive services and ecosystem-based development, Ping An Bank Private Banking continues to develop fintech. It has received industry-leading recognition for its professionalism, technology and consumer experience.
In 2020, COVID-19 was a wake-up call for high-net-worth individuals on the importance of wealth preservation and appreciation, asset risk management and succession planning. The demand from Chinese entrepreneurs for succession planning services continues to increase.
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Ping An Bank Private Banking was among the first in the industry to enable remote and contactless set-up of insurance trusts and family trusts with the launch of its Business Succession at Home service.
After launching online set-up of insurance trusts in the second half of 2020, Ping An Bank Private Banking introduced online services for investment allocation of family trusts, significantly improving the efficiency of asset investment allocation and operational safety.
Tailor-made wealth succession models for Chinese families
Ping An Bank Private Banking has introduced a new servicing concept with the tagline: "A family office that understands Chinese families better".
The private bank provides customised and comprehensive succession solutions to Chinese families based on an in-depth understanding of their wealth management and succession requirements.
When it comes to succession and family management for Chinese families, there are four key areas to consider – the family successor, wealth segregation, family governance and taxation laws.
A growing number of families are also interested in other life services offered by family offices, such as education planning, health management and travel planning.
The Family Office unit of Ping An Bank Private Banking understands the importance of deep-rooted local family business culture and provides full-scale services for wealth creation, protection and succession, including investment management, wealth succession, top-level legal framework design, successors' education, legal consultation, taxation planning and charity services.
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Frank Cai, Special Assistant to the President of Ping An Bank, said, "Leveraging Ping An Group's strategic advantage of 'finance + technology', the Family Office unit of Ping An Bank Private Banking provides customised services to customers, helps resolve complicated financial, legal and taxation problems, and continues to enhance service quality with the use of innovative technology.
“In the future, the Family Office unit within Ping An Bank Private Banking will leverage its platform capabilities and fintech advantages to provide affluent Chinese families with higher-quality, professional, safe, stable and all-rounded wealth services. We also hope to join hands with Chinese entrepreneurs to bring new momentum to the country's economic development and enterprise growth."
Euromoney's Annual Global Private Banking and Wealth Management Survey provides a qualitative review of the best services in private banking, by region and by areas of service. The survey to select the most competitive companies is open annually to private bankers and wealth managers. This year, the Euromoney survey tallied 2,114 votes.
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