In 1987, China Merchants Bank (CMB) was founded in Shekou Shenzhen, the forefront of China’s reform and opening-up campaign. CMB is China’s first joint-stock commercial bank wholly owned by corporate legal entities. After 37 years of growth, it has evolved into a banking group listed in both Shanghai and Hong Kong, with financial licenses covering commercial banking, financial leasing, fund management, life insurance, overseas investment banking, consumer finance, and wealth management subsidiary, etc.

As at the end of 2023, CMB had 143 branches (including Free Trade Zone branch, etc.) and 1,781 sub-branches, covering over 130 cities in Chinese mainland. For overseas markets, CMB had six branches and two representative offices. Total number of employees exceeded 110,000. In 2023, CMB ranked 179th on the Fortune Global 500 List, and 11th on the list of “Top 1,000 World Banks” released by The Banker (UK). CMB was honored with the “Best Bank in China” award by Euromoney for five consecutive years, marking the first “Five Consecutive Championships” of this award in history.

Since its inception, CMB has kept in mind the original aspiration of “building a real commercial bank for China”, adhered to the principle of staying market-oriented, customer-centric, tech-driven, and expert-led, and promoted continuous social and economic progress through its own transformation and development: it took the lead in launching “All-in-One Card”, making cash withdrawals and deposits possible across the nation and guiding the industry out of the bankbook era; it was the first to measure AUM (assets under management) instead of deposits, introducing diversified allocation for social wealth; it pioneered the exploration of “integrating investment banking and commercial banking businesses”, serving customers’ needs of comprehensive and differentiated solutions.

In 2023, based on solid achievements made through the retail banking and light-model banking strategies, CMB introduced the strategic goal of building a value creation bank, which aimed to create comprehensive value for customers, employees, shareholders, partners, and society, while achieving dynamically balanced development of “Quality, Profitability and Scale”. As at the end of 2023, CMB’s total assets reached RMB11.03 trillion, ranking 7th in domestic banking industry. Net operating income was RMB339.1 billion, ranking 6th in the industry, while net profit attributable to the Bank’s shareholders was RMB146.6 billion, ranking 5th in the industry. The return on average assets (ROAA) and the return on average equity (ROAE) were 1.39% and 16.22% respectively, both ranking 1st among large- and medium-sized listed banks in domestic market.

CMB adheres to a differentiation development strategy. While maintaining retail finance as its foundation as well as strategic core, CMB promotes the balanced and coordinated development of four major business segments: retail finance, corporate finance, investment banking and financial markets, and wealth management and asset management.

For retail finance business, CMB continues to manifest its systematic advantages. As at the end of 2023, CMB had 197 million retail customers with an AUM of RMB13.32 trillion. It also topped the industry in terms of transaction value of the credit card business. The two Apps, namely CMB App and CMB Life App, recorded a combined MAU (monthly active users) of 117 million.

For corporate finance business, CMB continues to strengthen its differentiated advantages. As at the end of 2023, CMB had 2.82 million corporate customers, with an FPA (financing products aggregate) surpassing RMB5.50 trillion. CMB accelerates to construct sci-tech, green, inclusive, intelligent manufacturing finance and other distinctive financial service systems, realizing rapid loan growth in corresponding fields.

For investment banking and financial markets business, CMB continues to consolidate its leading advantages, being one of the top market players in M&A financing, bond underwriting, bond trading, bill business and other specialized sectors.

For wealth management and asset management business, CMB continues to improve its capability, with the number of customers holding retail wealth management products exceeding 50 million and the number of private banking customers exceeding 140,000. The holding volume of agency distribution of wealth management products, as well as mutual fund products ranked top in the industry. The scale of asset management business totaled RMB4.48 trillion, and the scale of asset custody business ranked first in the industry.

Meanwhile, CMB accelerated the construction of “Digital CMB”. Focusing on online, databased, intelligent, platform-based and ecological operation, CMB comprehensively promoted the digital reshaping of financial infrastructure and capability system, channels and products, management and decision-making. CMB also took the lead among domestic large- and medium-sized banks to achieve full migration to cloud service, enhanced the research and development of AI technology and explored its comprehensive applications in all businesses, accelerating the transition from “Online CMB” to “Smart CMB”.

Looking towards the future, CMB will stride in tandem with the times and align with the direction of the Chinese path to modernization. It will remain steadfast in its strategic determination, anchor in value creation and honor long-term success. Rooted in differentiation and specialization, CMB emphasizes balance and coordination, and establishes a new high-quality development model driven by strict management while upholding fundamental principles and breaking new ground. CMB will forge ahead on the path of high-quality development to achieve the strategic goal of becoming a value creation bank and to build a world-class commercial bank. It will explore the CMB example for financial development with Chinese characteristics, and contribute to the efforts of the construction of a financial powerhouse.