# CHINA MERCHANTS BANK

Summary updated: 2026-10-02T08:48:48.43031Z
Canonical: https://finbar.com/research/companies/china-merchants-bank

## Overview

China Merchants Bank is a Shenzhen-headquartered banking and financial-services group founded in 1987. Its core business is commercial banking, complemented by fund management, insurance, wealth management, financial leasing, consumer finance and investment banking. Retail banking includes deposits, loans, remittances, wealth-management and card services. [1](https://app.finbar.com/go?id=P132379839)[2](https://app.finbar.com/go?id=P132379842)[3](https://english.cmbchina.com/CMB%2BInfo/aboutCMB/aboutcmb02.htm)

The bank’s main market is mainland China, with international and cross-border operations supporting businesses and customers with global needs. At year-end 2025, it operated in more than 130 mainland cities and had six overseas branches; its group had 121,600 employees. [4](https://app.finbar.com/go?id=P132379831)[3](https://english.cmbchina.com/CMB%2BInfo/aboutCMB/aboutcmb02.htm)

CMB states its vision as “to become an innovative, leading-model, distinctive best value-creating bank.” For scale, its net operating income was RMB337.273 billion in 2025, and total assets were RMB13.79 trillion at 30 June 2026. [3](https://english.cmbchina.com/CMB%2BInfo/aboutCMB/aboutcmb02.htm)[5](https://app.finbar.com/go?id=P132379531)[6](https://app.finbar.com/go?id=T19380028)
[1](https://app.finbar.com/go?id=P132379839)[2](https://app.finbar.com/go?id=P132379842)[3](https://english.cmbchina.com/CMB%2BInfo/aboutCMB/aboutcmb02.htm)[4](https://app.finbar.com/go?id=P132379831)[5](https://app.finbar.com/go?id=P132379531)[6](https://app.finbar.com/go?id=T19380028)[3](https://english.cmbchina.com/CMB%2BInfo/aboutCMB/aboutcmb02.htm)

## Products & services

China Merchants Bank’s retail offerings include deposits, residential mortgages, credit-card lending, retail micro-finance and consumer loans. Its CMB APP and CMB Life APP provide digital banking and lifestyle services; the CMB APP includes TREE asset-allocation tools and the “Xiao Zhao” intelligent service for wealth management, deposits, loans and remittances, with voice-based inquiry and transaction functions. The bank also uses digital data, risk models and intelligent approvals in retail-credit underwriting. At end-2025, retail AUM was RMB17.08 trillion. [2](https://app.finbar.com/go?id=P132379842)[7](https://app.finbar.com/go?id=P132379862)[8](https://app.finbar.com/go?id=P166037557)

Retail wealth management includes multi-asset and multi-strategy offerings, with named product families “Short-term Bonds Suite” (短債三寶), “Gu Ying Jia” (固盈家) and “Quan + Fu” (全+福). Product features include regular fixed investment, target returns, customer-selected payout dates and flexible withdrawals. The bank also provides cross-border settlement, foreign-exchange transactions, global cash management, trade finance and cross-border financing; its named “Export Flash Loan” (出口閃貸) uses export data for financing. [9](https://app.finbar.com/go?id=P132380103)[10](https://app.finbar.com/go?id=P132380082)

Digital and AI-enabled services include “AI Xiao Ban” for wealth-management partners, AI customer service and digital-human services for housing provident fund, education and healthcare, and AI support for corporate due diligence and preliminary loan review. The 2025 report cited 183 specialised domain models and 856 AI scenarios, while the 1H 2026 presentation reported 1,386 intelligent scenarios deployed. In 2025, retail finance represented 61.93% of the bank’s standalone net operating income and wholesale finance 40.13%; these are business-line shares rather than individual product shares. [11](https://app.finbar.com/go?id=P166037538)[12](https://app.finbar.com/go?id=P166037542)[13](https://app.finbar.com/go?id=P166037543)[14](https://app.finbar.com/go?id=P132379874)[15](https://app.finbar.com/go?id=P166037534)[16](https://app.finbar.com/go?id=P132379963)[17](https://app.finbar.com/go?id=P132380007)
[2](https://app.finbar.com/go?id=P132379842)[7](https://app.finbar.com/go?id=P132379862)[8](https://app.finbar.com/go?id=P166037557)[9](https://app.finbar.com/go?id=P132380103)[10](https://app.finbar.com/go?id=P132380082)[11](https://app.finbar.com/go?id=P166037538)[12](https://app.finbar.com/go?id=P166037542)[13](https://app.finbar.com/go?id=P166037543)[14](https://app.finbar.com/go?id=P132379874)[15](https://app.finbar.com/go?id=P166037534)[16](https://app.finbar.com/go?id=P132379963)[17](https://app.finbar.com/go?id=P132380007)

## Geographic presence

China Merchants Bank’s operations are concentrated in mainland China, particularly major cities. At year-end 2025, it had 143 mainland branches and 1,801 sub-branches. Its mainland footprint spans the Yangtze River Delta, Bohai Rim, Pearl River Delta and West Coast, Northeast, Central and Western regions. The bank also had overseas locations in Hong Kong, New York, London, Singapore, Luxembourg, Sydney and Melbourne, and a representative office in Taipei. [18](https://app.finbar.com/go?id=P132380129)[19](https://app.finbar.com/go?id=T15166750)
[18](https://app.finbar.com/go?id=P132380129)[19](https://app.finbar.com/go?id=T15166750)

## Business segments

China Merchants Bank reports three business segments: wholesale finance, retail finance, and other business. In FY2025, wholesale finance generated RMB137,939 million in operating income, approximately 41.6% of the segment-table total. Its focus includes corporate customers and corporate lending and financing for the real economy. [20](https://app.finbar.com/go?id=T15166913)[21](https://app.finbar.com/go?id=P132379912)

Retail finance generated RMB190,988 million, approximately 57.6% of the total, and serves retail customers through services including deposits, loans, remittances, and wealth management. Other business generated RMB2,873 million, approximately 0.9%; it is reported as a separate residual segment without a distinct focus specified in the cited segment disclosure. Shares are calculated from reported segment operating income of RMB331,800 million in total. [20](https://app.finbar.com/go?id=T15166913)[2](https://app.finbar.com/go?id=P132379842)

CMB also discloses geographic operating income separately from its business segments, covering headquarters, several domestic regions, overseas operations, and subsidiaries. [22](https://app.finbar.com/go?id=T15166577)
[20](https://app.finbar.com/go?id=T15166913)[20](https://app.finbar.com/go?id=T15166913)[20](https://app.finbar.com/go?id=T15166913)[20](https://app.finbar.com/go?id=T15166913)[21](https://app.finbar.com/go?id=P132379912)[2](https://app.finbar.com/go?id=P132379842)[22](https://app.finbar.com/go?id=T15166577)

## Company history

China Merchants Bank was established in Shekou in 1987, based on the finance company of the Shekou Industrial Zone, and began business on April 8 that year. It was China’s first joint-stock commercial bank wholly owned by corporate legal entities. [23](https://www.cmhk.com/main/gyzsj/qyls/zszz/1987/content/1793230249430482945_1793230249560506370.html)[24](https://1872.cmhk.com/huicui/623.html)[25](https://cmbchina.com/cmbinfo/aboutcmb/) In May 1989, it became the first Chinese bank to pilot offshore banking services. [26](https://english.cmbchina.com/Corporate/Offshore/)

CMB’s shares began trading on the Shanghai Stock Exchange on April 9, 2002, followed by its Hong Kong listing on September 22, 2006. [27](https://cmbchina.com/cmbir/DetailInfo.aspx?chnl=announcement&id=428)[28](https://file.cmbchina.com/cmbir/20080611/89846bf8-192a-467c-a48e-f031f173c8d7.pdf) It expanded in Hong Kong through its acquisition of Wing Lung Bank: CMB acquired a 53.12% stake in 2008 and made the bank wholly owned in January 2009; Wing Lung was renamed CMB Wing Lung Bank in 2018. [29](https://app.finbar.com/go?id=P132382121)[30](https://www.cmbwinglungbank.com/wlb_corporate/en/about-us/corporate-information/company-history.html)

In 2014, CMB described a “One Body with Two Wings” strategy, positioning retail finance as its core business, supported by corporate and financial-institutions finance. [31](https://file.cmbchina.com/CMBIR/201503/bc0f69f2-4033-445f-8d90-eb928321326f.pdf)
[29](https://app.finbar.com/go?id=P132382121)[23](https://www.cmhk.com/main/gyzsj/qyls/zszz/1987/content/1793230249430482945_1793230249560506370.html)[24](https://1872.cmhk.com/huicui/623.html)[25](https://cmbchina.com/cmbinfo/aboutcmb/)[26](https://english.cmbchina.com/Corporate/Offshore/)[27](https://cmbchina.com/cmbir/DetailInfo.aspx?chnl=announcement&id=428)[28](https://file.cmbchina.com/cmbir/20080611/89846bf8-192a-467c-a48e-f031f173c8d7.pdf)[30](https://www.cmbwinglungbank.com/wlb_corporate/en/about-us/corporate-information/company-history.html)[31](https://file.cmbchina.com/CMBIR/201503/bc0f69f2-4033-445f-8d90-eb928321326f.pdf)

## Sources

1. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p45](https://app.finbar.com/go?id=P132379839)
2. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p45](https://app.finbar.com/go?id=P132379842)
3. [english.cmbchina.com](https://english.cmbchina.com/CMB%2BInfo/aboutCMB/aboutcmb02.htm)
4. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p44](https://app.finbar.com/go?id=P132379831)
5. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p19](https://app.finbar.com/go?id=P132379531)
6. [CHINA MERCHANTS BANK — Presentation (2026 H 1), p7](https://app.finbar.com/go?id=T19380028)
7. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p47](https://app.finbar.com/go?id=P132379862)
8. [CHINA MERCHANTS BANK — Presentation (2026 H 1), p22](https://app.finbar.com/go?id=P166037557)
9. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p70](https://app.finbar.com/go?id=P132380103)
10. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p68](https://app.finbar.com/go?id=P132380082)
11. [CHINA MERCHANTS BANK — Presentation (2026 H 1), p21](https://app.finbar.com/go?id=P166037538)
12. [CHINA MERCHANTS BANK — Presentation (2026 H 1), p21](https://app.finbar.com/go?id=P166037542)
13. [CHINA MERCHANTS BANK — Presentation (2026 H 1), p21](https://app.finbar.com/go?id=P166037543)
14. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p49](https://app.finbar.com/go?id=P132379874)
15. [CHINA MERCHANTS BANK — Presentation (2026 H 1), p21](https://app.finbar.com/go?id=P166037534)
16. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p58](https://app.finbar.com/go?id=P132379963)
17. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p62](https://app.finbar.com/go?id=P132380007)
18. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p72](https://app.finbar.com/go?id=P132380129)
19. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p137](https://app.finbar.com/go?id=T15166750)
20. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p256](https://app.finbar.com/go?id=T15166913)
21. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p53](https://app.finbar.com/go?id=P132379912)
22. [CHINA MERCHANTS BANK — Full financial report (2025 H 1), p164](https://app.finbar.com/go?id=T15166577)
23. [www.cmhk.com](https://www.cmhk.com/main/gyzsj/qyls/zszz/1987/content/1793230249430482945_1793230249560506370.html)
24. [1872.cmhk.com](https://1872.cmhk.com/huicui/623.html)
25. [cmbchina.com](https://cmbchina.com/cmbinfo/aboutcmb/)
26. [english.cmbchina.com](https://english.cmbchina.com/Corporate/Offshore/)
27. [cmbchina.com](https://cmbchina.com/cmbir/DetailInfo.aspx?chnl=announcement&id=428)
28. [file.cmbchina.com](https://file.cmbchina.com/cmbir/20080611/89846bf8-192a-467c-a48e-f031f173c8d7.pdf)
29. [CHINA MERCHANTS BANK — Full financial report (2025 Y), p224](https://app.finbar.com/go?id=P132382121)
30. [www.cmbwinglungbank.com](https://www.cmbwinglungbank.com/wlb_corporate/en/about-us/corporate-information/company-history.html)
31. [file.cmbchina.com](https://file.cmbchina.com/CMBIR/201503/bc0f69f2-4033-445f-8d90-eb928321326f.pdf)

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