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Minsheng transforms PB business as WMPs slump

China Minsheng Bank has transformed its private banking business model, as the bank saw its balance in wealth management products (WMPs) slump by 19.6% to RMB 1.2 trillion under Chinese regulators’ deleveraging drive last year. In response, the bank said in its latest earnings report that it optimised its private banking business setup, with its private banking centres adopting a…

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