Philippine private bank acquires French IT firm Sopra's wealth management system.

China Banking Corp., the Philippines-based private bank, is beefing up its high net worth offering by partnering with a European technology solutions firm for its wealth management software. 

The bank, led by Henry Sy, one of the country's wealthiest men, acquired a new wealth management system created by French firm Sopra Banking Software to help it better streamline information across private banking divisions, from customer-facing functions to back-office activities.

"It is not enough that we provide alternative products for the affluent market; we must also provide a seamless customer experience," said Ricardo Chua, China Bank senior executive vice president and chief operating officer. 

China Bank Private Banking offers a range of services to the high net worth segment, such as porftolio management, advisory services, trust services, lending and traditional banking. In a statement, the firm said that with the partnership with Sopra it will automate a large number of processes that will give the bank full insight into its clients.