Chinese private banks closing gap on foreign peers

Chinese private banks are growing quicker than their foreign peers on the back of domestic inflows and are expected to continue to do so given their strong local foothold and the swift growth of mainland wealth.  Three Chinese firms now feature in the list of the 25 biggest private banks by assets globally, and China Merchants Bank recorded the fastest expansion of all 25 last year (see table below), according to London-based research firm Scorpio Partnership.  Well positioned …