Bank of East Asia launches private banking operations
Bank of East Asia, the Hong Kong-based lender, has launched its private banking operations in Shenzhen, Southern China, targeting high net worth individuals worth assets of more than $1m (€636,221).
The move marks the first instance of a foreign bank setting foot in such a field, through which banks can serve the rich individual customers or families. In the past, only two domestic lenders, China Merchants Bank Co and Bank of Communications, operated private banking business in the city.
Presently, Industrial & Commercial Bank of China is actively preparing for the construction of its private banking centre, and its business threshold is predicted to exceed 8m yuan (€741,626), sources said.
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