Industry First! Bank of Communications Proposes to Withdraw Application for Private Banking Specialized Institution License After 13 Years of Licensed Operations

Today, market news reports that Bank of Communications plans to apply for the revocation of its private banking license. Caixin learned from an informed source at Bank of Communications that this information is accurate, but the bank has not yet formally submitted the application.

Public information shows that the Private Banking Department of Bank of Communications was licensed in 2012 and has been operating under the license for over 13 years. With this confirmation of license revocation, Bank of Communications will become the first commercial bank in the industry to make this choice.

According to the Financial License Information Inquiry from the State Financial Regulatory Administration, currently five banks hold private banking license permits: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Industrial Bank, and Hengfeng Bank. Among them, ICBC was approved in 2008 and is the first licensed institution; Hengfeng Bank was approved to open in August 2022 and is the most recent private banking license holder.

By December 2025, Bank of Communications will officially establish the “Wealth Management Department” at the head office level. At that time, Vice President Zhou Wanfeng stated that establishing the Wealth Management Department aims to further strengthen the wealth finance特色 and enhance customer service capabilities.

From the business data, Bank of Communications’ 2025 semi-annual report shows that at the end of the reporting period, the number of retail customers in domestic banking institutions was 202 million (including debit and credit card customers), a 1.30% increase from the end of the previous year. The number of standard沃德 customers reached 2.8321 million, a 6.76% increase. The AUM (Assets Under Management) was 57,925.53 billion yuan, a 5.52% increase from the end of the previous year.

During the same period, the group’s private banking customer base was 102,600, an 8.94% increase from the end of the previous year; the group’s private banking customer assets managed totaled 1,388.874 billion yuan, a 7.20% increase.