Exclusive: Credit Suisse hires CMB's Wang Jing in proof of China private banking ambitions
Lender lures China Merchants Bank’s head of private banking to oversee the Swiss bank’s onshore wealth management ops.
Credit Suisse has hired Wang Jing as its head of mainland China private banking (PB) operations, as it accelerates plans to become the leading foreign provider of high-end wealth management services to customers in Asia’s largest economy.
Previously head of PB operations at China Merchants Bank (CMB), Wang was instrumental in transforming the Shenzhen-based lender into China’s best onshore wealth manager.
CMB opened its PB division in 2007, put Wang in charge and immediately brushed the competition aside.
In 2019, it swept the board in Euromoney’s annual Private Banking and Wealth Management Survey, winning all 12 China awards, including best overall provider of onshore PB services.
A quietly spoken mainlander from the tech-heavy city of Hangzhou, Wang will formally join Credit Suisse in April after completing her gardening leave. Her role will focus primarily on helping the lender to become a leading provider of high-end PB services to mainland customers.
China is now integral to the health and wealth of the PB sector. In October, Credit Suisse Research Institute said global wealth expanded by 2.6% year-on-year, or $9.4 trillion, to a total $360 trillion in 2018; China accounted for $1.9