China Minsheng Banking Corp Ltd offers myriad opportunity for Hong Kong's ambitious talented banking professionals
Despite increasing regional and global competition, Hong Kong maintains its status as an international financial hub. This is reflected in the dynamism of the markets and the capital flows.
Over the last decade, the bustling Hong Kong marketplace has been a magnet for many Chinese banks. Currently, seven mainland-based banking institutions are listed on the Hong Kong Stock Exchange, including, more recently, China Minsheng Banking Corp Ltd (CMBC), the first privately-owned commercial bank on the mainland and H share's biggest IPO in 2009.
The CMBC representative office in Hong Kong is currently undergoing a major transformation into the organisation's flagship branch in the city. Initially, it will play to its commercial banking strengths in this strategic expansion, benefitting, in particular, the trading companies in its client base.
This new venture is also generating numerous career development opportunities for talent in the local banking sector. Those with broad experience and a solid grounding in the banking industry are sought. The bank is hiring at every level across all departments for the new branch.
Without any central or municipal history, the non-state financial organisation has full flexibility to design and implement growth strategies, including talent policies. CMBC adopts a "pay for performance" remuneration scheme in line with its straightforward hierarchical structure.
The bank is well known for its generous pay scales and bonus schemes that reflect its entrepreneurial stance and differentiates it from other major banks in China.
To stay ahead of its competitors, CMBC carries out comprehensive benchmarking to adjust its compensation packages regularly. In addition to a fair basic salary system and other attractive benefits, every employee can expect a straightforward career path with plenty of learning opportunities along their career development paths.
Since the bank's management team believes in maintaining a good work-life balance, a series of human resources policies will be established after the initial recruitment phase has been completed.
Training will start and continue once any position is filled. The new recruits will receive ample opportunities to undertake development in a variety of ways. These include in-house training, studies in celebrated management schools, as well as subsidies for external education programmes.
People looking to join this rapidly growing corporation will have to possess a high level of energy. The bank is seeking those who have the necessary confidence and determination to create success. It will only offer places to those with the highest competence, foresightedness and integrity.
CMBC encourages innovative thinking and fosters people for future success. In view of the importance of talent sustainability to business growth, the bank will create a specific road map and even tailor a new post so that the right talent can take their potential to the top.
It can be seen that the management style of the bank is more westernised than its competitors from the same country. Its non-public origin may contribute to its accommodating nature. Moreover, the need for outperforming rivals that may have government support may justify that push for extra quality in managing proficiency and risk control.
Tried and tested performance driven policies, along with other successful strategies, have kept CMBC on the fast track. The bank has developed significantly in branch numbers, volume of assets and reputation in the domestic and international banking industry.
The eagerly anticipated upgrade from a representative office to a branch in Hong Kong is another step in the healthy development of CMBC. With a growing base of quality customers in mainland China, the new operation will open up an alternative platform for the bank's businesses. A sound move for the growing company, the advancement is also rejuvenating for the local human resources market.
- Bank to hire at every level across departments
- Innovative thinking encouraged
- Generous pay scales and bonus schemes reflect entrepreneurial spirits
- Continuous training supported
- Work-life balance a management focus
Taken from Career Times 13 May 2011, A4