China's Industrial Bank to digitise private banking unit

It has tapped on Swiss provider Avaloq.

China’s Industrial Bank has tapped on Swiss bank software provider Avaloq for a comprehensive front-to-back banking solution of its private banking business.

The solution is already live and will help the bank provide its high-net worth clients with personalised banking services.

The lender’s private bank is headquartered in Shanghai and currently caters to over 20,000 clients in the Mainland. It currently manages assets around $43.56b (CNY300b). 

“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,” Nick Su, deputy chief executive at Industrial Bank Co., Ltd Hong Kong Branch said in a statement.