A recent incident involving the partnership between Industrial Bank Co.,Ltd. (601166) and Guoyuan Securities Company Limited (000728) for securities account referrals has raised concerns about operational risks and compliance.
Reports indicate a case in Nanchang, Jiangxi province, where a 64-year-old woman, who is illiterate and cannot write, had a savings account opened for her by staff from Industrial Bank Co.,Ltd.'s Hefei Xinzhan branch. The bank personnel reportedly traveled across provinces to facilitate this in 2024, also bundling the account with the opening of a securities account at Guoyuan Securities Company Limited. The client's son has raised suspicions that the entire account opening documentation may have been fraudulently signed on her behalf.
Guoyuan Securities Company Limited is noted as the first listed securities firm in Anhui province and the largest local broker in the region by both assets and operating revenue. The collaboration between a major national joint-stock bank and a leading provincial securities firm on such a matter has drawn criticism for being inappropriate.
According to information published on Guoyuan Securities Company Limited's official website regarding investor fund payment channels, the company has third-party custodianship business partnerships with 17 banks, one of which is Industrial Bank Co.,Ltd..
In response, the Hefei branch of Industrial Bank Co.,Ltd. issued a statement on July 19th. It explained that upon learning of the online reports, the branch immediately contacted the client and her family to understand their concerns. The bank stated it will assist with handling the involved securities account according to the client's wishes. Furthermore, the branch has taken disciplinary action against the responsible personnel and committed to learning from the incident, reinforcing compliance as a top priority to protect the legal rights of financial consumers.
Data from the Industrial Bank Co.,Ltd. mobile application shows that, as of a recent date, the bank's app collaborates with 72 securities firms for account opening services. Among these, eight brokers offer 24/7 online account opening. The top three collaborative partners listed are Huafu Securities, Industrial Securities, and Guotai Haitong Securities.
It is understood that banks earn referral fees and account opening commissions from such partnerships with securities firms. Against the backdrop of narrowing net interest margins across the banking sector, intermediary business has become a crucial channel for banks to increase revenue.
Financial data reveals that in 2025, Industrial Bank Co.,Ltd. achieved non-interest net income of 63.989 billion yuan, a slight decrease of 130 million yuan, or 0.20%, compared to the previous year. Within this, net fee and commission income, which is related to intermediary business, reached 25.891 billion yuan. This represented an increase of 1.795 billion yuan year-on-year, growing by 7.45%.
Specifically within Industrial Bank Co.,Ltd.'s fee and commission income for 2025, revenue from agency business related to securities account openings was 5.315 billion yuan. This accounted for 17.22% of the total fee and commission income, marking a slight decrease of 0.38 percentage points from the previous year.
The incident highlights that while compliance issues have surfaced, the growth in agency fee income has also been modest, indicating the challenges Industrial Bank Co.,Ltd. faces in effectively monetizing its partnerships with securities brokers.
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