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China Merchants Bank is a mid-sized lender that in recent years has built a strong franchise and reputation for quality service. By the standards of China, that is. Most Chinese banks currently provide service to average customers which would cause serious discontent in other parts of the world. China Merchants Bank’s net profit in 2008 rose 38% in 2008 to RMB21.08 billion ($3.09 billion) — a faster rise than larger rivals.
Wall Street Journal Asia subscribers and other businesspeople ranked China Merchants Bank first overall for leadership in the Asia 200 survey of Chinese companies. True, but that survey was not connected with the quality of personal service directed toward the customer.
Wall Street Journal Asia subscribers and other businesspeople ranked China Merchants Bank first overall for leadership in the Asia 200 survey of Chinese companies. True, but that survey was not connected with the quality of personal service directed toward the customer.
Of the top-five spots in the Chinese survey results, four went to tech giants: personal computer maker Lenovo, wireless carrier China Mobile, online travel service Ctrip.com and internet search operator Baidu.
In April, Ma Weihua, president of China Merchants Bank, said his company intends to boost its share of infrastructural loans as a response to the government’s call for banks to help finance stimulus-projects involving public-works construction. He said the government’s stimulus push could help his bank increase its medium- and long-term lending and improve its asset quality.
China Merchants Bank’s main strength is in the retail business. It has about a third of the domestic credit-card market. The bank also was an early entrant into high-end wealth management. In June, it announced plans to add at least five more private banking centers to its eight existing branches in the country, giving it one of the most extensive wealth-management networks among China’s lenders. China Merchants Bank, in a report jointly prepared with Bain Consulting, says there were 300,000 such customers in China last year.
Online Wall Street Journal reported that the Asia 200 survey identified China Merchants Bank as the leader in providing high-quality services and products, and innovativeness in responding to customer needs.