Minsheng Hong Kong aims to triple assets

Advisory services and wealth management to drive growth.

China Minsheng Banking Corporation Hong Kong intends to triple its assets over the next three years by diversifying from trade finance into wealth management and merger advisory services.

Minsheng Hong Kong CEO Lin Zhihong estimates attaining total assets, including off-balance-sheet items, of US$13 billion in three years. Total assets stood at US$4.3 billion in 2012.

He identified trade financing as the bank’s bread and butter. Next on the bank’s priorities is focusing on helping Chinese private businesses expand outside China by mergers and acquisitions. Private banking and asset management will be the third step in growing the bank.

Lin said his bank will target Chinese entrepreneurs buying assets abroad,

Minsheng’s private banking unit in Hong Kong may get the needed licenses soon, Lin said, and will target customers with assets of HK$10 million or more.

Minsheng joins other mainland banks in establishing a presence in Hong Kong as Chinese companies boost international trade and go for overseas acquisitions.