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Industrial Bank Co., Ltd creates Hong Kong private banking business
Strategic decision to add a private banking arm in Hong Kong clients follows the success of its corporate banking
The Asset 17 Aug 2018

Fuzhou-headquartered Industrial Bank Co., Ltd, one of China's largest banking groups, has selected Avaloq to provide a comprehensive front-to-back banking solution for its Hong Kong Branch private banking business.

In conjunction with Avaloq's premium implementation partner Orbium, the Avaloq Banking Suite was implemented in just six months. The solution is already live and will allow Industrial Bank Co., Ltd Hong Kong Branch to provide its high-net worth clients in Hong Kong with the exceptional, high-end levels of service that they expect from one of the market's fastest-growing private banking brands.

Founded in 1988, Industrial Bank Co., Ltd., according to the 2017 list of Top 1000 World Banks, Industrial Bank Co., Ltd was the 28th largest in terms of tier 1 capital and 30th in terms of total assets.

Industrial Bank Co., Ltd 's private banking arm is headquartered in Shanghai and currently provides services to over 20,000 clients in mainland China, managing assets in the range of CNY 300 billion. It set up its first Hong Kong branch for corporate banking in 2014. Following the success of this initiative, the bank made the strategic decision to add a private banking arm in Hong Kong to provide comprehensive wealth management services to its clients.

"We look to work with the very best partners to help us meet our aspirations and for our private banking business in Hong Kong, this means working with Avaloq," said Nick Su, deputy chief executive at Industrial Bank Co., Ltd Hong Kong Branch.

The Hong Kong Branch selected Avaloq following a stringent selection process, in part down to the company's extensive experience in the region. Avaloq and Orbium, one of its premium implementation partners, completed the implementation within six months.

"It is another milestone for us in Hong Kong itself and Asia in general, and we are delighted to see our footprint grow in this highly strategic market," says Chris Beukers, regional manager APAC for Avaloq.

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