Stocks boost China Merchants Bank assets under management to $156.1bn

China Merchants Bank’s private bank saw assets under management jump roughly 29% in the first five months of 2015 from US$121.2 billion (RMB752.6 billion) to about US$156.1 billion (RMB970 billion), thanks in large part to aggressive investment in the mainland stock market, South China Morning Post reported, citing a statement from Cai Canhuang, a senior vice-president with the bank. “It wasn’t all from stocks but that was a big part,” Cai said. The bank is now planning expansion abroad, though its clientele will remain domestic. “Our goal is very clear here: we just want to do the Chinese customers,” Cai said.