银行理财子公司加速 拓展地方中小银行代销渠道

Core Insights - The collaboration between bank wealth management subsidiaries and local small and medium-sized banks has been increasing throughout the year, with several wealth management subsidiaries accelerating their efforts to expand distribution channels and business scope [1][4] - Experts suggest that the current collaboration is primarily at a basic level, where banks act as distribution platforms for wealth management products, but future developments may lead to a more integrated "distribution + empowerment" model [1][4] Distribution Cooperation Expansion - Agricultural Bank Wealth Management announced a partnership with Dongguan Rural Commercial Bank for the distribution of its wealth management products on August 14 [1] - Bank of China Wealth Management has signed distribution agreements with Guangxi Beibu Gulf Bank, Gansu Bank, and Inner Mongolia Bank in recent months to expand its sales channels [1] - North Bank Wealth Management has also been active, signing multiple distribution agreements with various rural commercial banks in Zhejiang province [2] Industry Data Trends - According to the China Banking Wealth Management Registration and Custody Center, as of June 2025, only 2 out of 32 wealth management subsidiaries rely solely on their parent banks for product distribution, while 30 have opened additional distribution channels [3] - The number of institutions distributing wealth management products has slightly increased, with 569 institutions involved by mid-2025, up by 7 from the beginning of the year [3] Shift to "Distribution + Empowerment" Model - The trend of wealth management subsidiaries partnering with local small and medium-sized banks is driven by mutual needs: wealth management subsidiaries seek to enhance market share, while small banks need to transform their wealth management business due to regulatory pressures [4][5] - The collaboration is expected to yield multiple benefits, such as improving non-interest income for small banks and expanding sales scale for wealth management subsidiaries [4][5] Future Collaboration Directions - Future collaborations are anticipated to focus on three main areas: optimizing customer management through digital tools, joint product innovation tailored to regional needs, and enhancing risk control capabilities [6] - The market is expected to see intensified distribution channel penetration into lower-tier cities and a shift towards deeper collaboration models that promote industry specialization [5][6]