China Merchants Bank, which has temporarily bid farewell to the "first decade", will begin to catch up in 2024.
According to the "China ** News" on January 30, China Merchants Bank recently adjusted the organizational structure of the retail business line, set up a new retail customer group department, and Li Mingdong, general manager of the wealth platform department, concurrently served as the general manager. And 10 days ago, China Merchants Bank (03968HK) released an unaudited performance report, and in 2023, China Merchants Bank achieved revenue of 33912.3 billion yuan, down 164%；The net profit attributable to the parent company was 14660.2 billion yuan, an increase of 622%。Not only did the year-on-year revenue growth rate last year not only fall below the low point of 2016 for the first time, but also the first time in the past decade that the annual revenue growth was negative.
According to public information, before the adjustment, China Merchants Bank's retail finance business had four departments: retail finance headquarters, wealth platform department, private banking department, and retail credit department. In the past, China Merchants Bank had a basic customer department, which was later split and merged into the retail finance headquarters in 2018. In 2021, with the advancement of China Merchants Bank's large wealth management strategy, the bank merged most of the teams of the retail finance headquarters of the original first-level department and the former wealth management department to form the wealth platform department. There is also news that China Merchants Bank is preparing to merge the wealth management platform with the private bank, but it has not been confirmed.
It is worth mentioning that, in addition to the adjustment of the organizational structure, the heads of several departments under the retail business line of China Merchants Bank have also been adjusted. In this round of adjustments, Li Mingdong, general manager of the wealth platform department, concurrently serves as the general manager of the newly established retail customer group. Zhao Yue, General Manager of the Retail Finance Headquarters of China Merchants Bank, is also the General Manager of the Private Banking Department.