Chinese firms join 25 biggest private banks

Two Chinese financial groups have burst into the ranks of the 25 biggest private banks by assets under management, reflecting the rapid growth of mainland wealth and acting as a likely precursor of future trends. China Merchants Bank and ICBC, standing at 26th and 27th on the list last year, have risen six and four places to 20th and 23rd, respectively (see table below), according to research by wealth industry consultancy Scorpio Partnership. China Merchants’ AUM grew 57.8% in …