Deutsche Bank Private Wealth Management
Hence, it is a key differentiating factor for the Asian Private Banker – Best Private Bank in China Award.Deutsche Bank Private Wealth Management is the deserved winner of this year’s award not just because of its long history on the Mainland – first established a presence in China in 1872 with the opening of an office in Shanghai – but also because it has demonstrated a deep commitment to and understanding of the region. Today Deutsche Bank is a locally incorporated bank in China, with branch offices in Beijing, Shanghai, Guangzhou, Chongqing and Tianjin.
Deutsche’s private wealth management business in China started in November 2006. A dedicated team of 20 professionals caters to HNW clients in China while a second team of 20 serves Greater China.
“With the surging number of millionaires in one of the region’s fastest growing economy, the industry is becoming increasingly competitive with more banks starting up or expanding their China operations. This has made it challenging for clients to bench mark quality and for banks to hire and retain good staff. For Deutsche Bank PWM I don’t see that intense competition because I do believe that our people and our platform is one of the best on the market,” says Tianyin Shi, group head for China at Deutsche Bank Private Wealth Management.
Shi reports into reports into Lok Yim, head of North Asia for Deutsche Bank Private Wealth Management. Yim believes the bank’s focus on the HNW and UHNW space sets it apart from other players vying for a share of the wealth management market in China. “We do not cater to the mass affluent,” he clarifies.