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Our reporter Peng Yan

After completing the expansion of sales channels of large and medium-sized banks, bank wealth management subsidiaries are rapidly expanding into the lower-tier markets of small and medium-sized banks such as city commercial banks and rural commercial banks.

Recently, many wealth management subsidiaries including ICBC Wealth Management, BOC Wealth Management, China Post Wealth Management, CMB Wealth Management, Xingye Bank Wealth Management, and Hangzhou Bank Wealth Management have added new sales agency partners. Most of the newly added sales agencies are city commercial banks and rural commercial banks in third-tier and below cities, and even cover county-level rural credit cooperatives.

Expand distribution channels

On August 6, ICBC Wealth Management issued the "Announcement on the Cooperation in Agency Sales Business of ICBC Wealth Management", which mentioned that in order to continue to provide high-quality wealth management services to customers, ICBC Wealth Management has signed cooperation agreements with new agency sales institutions, adding Shaanxi Binzhou Rural Commercial Bank and Yangxian Rural Credit Cooperative as agency sales institutions of ICBC Wealth Management.

The reporter found that since the beginning of this year, ICBC Wealth Management has established product distribution cooperation with many banks. In addition to large state-owned banks and joint-stock banks, there are also small and medium-sized banks such as rural commercial banks and credit cooperatives.

On August 5, CMB Wealth Management added Zhejiang Ruian Rural Commercial Bank as a sales agency. According to statistics, CMB Wealth Management has reached sales agency cooperation with at least 10 rural commercial banks this year, including Zhejiang Shangyu Rural Commercial Bank, Zhejiang Zhuji Rural Commercial Bank, Zhejiang Yiwu Rural Commercial Bank, Zhejiang Hecheng Rural Commercial Bank, Zhejiang Fuyang Rural Commercial Bank, Zhejiang Deqing Rural Commercial Bank, etc.