A tale of two stories in China’s structured products market as CZ Bank closes structured deposits desk and China Merchants Bank (CMB) takes over Ping An.
CZ Bank has posted stable customer deposits of CNY1.36 trillion (US$206.5 billion) as at 30 September quarter-on-quarter, or a 10.3% rise from six months ago, after it shut down its structured deposits business for both retail and corporate clients. Opened in 2004, the bank is the second youngest joint equity commercial bank headquartered in Hangzhou. It had assets of CNY2.05 trillion and liabilities of CNY1.92 trillion as of the end of September with a net profit of CNY10.1 billion generated f
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