13 August 2018
Industrial Bank Co., Ltd creates new Hong Kong Private Banking Business with Avaloq Banking Suite
Fuzhou-headquartered Industrial Bank Co., Ltd, one of China’s largest banking groups with total assets of CNY 6.09 trillion, 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 now has 119 branches and 1,787 sub-branches across China as well as correspondent relationships with over 1,500 banks worldwide. 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. Significantly, it was ranked top overall in terms of cost-income ratio.
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.
The Hong Kong Branch selected Avaloq following a stringent selection process, recognising the company’s extensive experience in the region, its successful track record and the unparalleled functionality of the Avaloq Banking Suite. Avaloq and Orbium, one of its premium implementation partners, successfully completed the implementation within six months.
“Industrial Bank Co., Ltd has become one of the world’s largest, most respected banks in just thirty years due to our strong commitment to our customers, a highly competitive product suite and a focus on best-practice technologies. 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.
“It is great to welcome Industrial Bank Co., Ltd Hong Kong Branch to the Avaloq Community and we are honoured to be able to provide the technology infrastructure to grow its private bank in Hong Kong. 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,” said Chris Beukers, Regional Manager APAC for Avaloq.
“We are delighted to have been able to work on and successfully implement, on time and within budget, this highly prestigious project, and to further support both Industrial Bank Co., Ltd Hong Kong Branch and Avaloq as it expands and grows in Asia,” said Loïc Wymann, Partner at Orbium.