Retailing, Franchising, and Consumerism Business Intelligence in China

Bank of China Starts Exclusive Service For Individuals

Bank of China has opened a private banking service in some of its Beijing and Shanghai outlets, the first local bank to target the growing ranks of the super rich in China.

The service is only available for customers with over US$1 million to invest and is a joint project with its partner the Royal Bank of Scotland, which owns about 4.4% of the Chinese bank.

Initially, the business will offer 12 products including foreign exchange, subscriptions to initial public offerings and private equity, said Yue Yi, general manager of personal banking at Bank of China.

Bank of China signed a strategic partnership with RBS in August 2005 and they together signed a letter of intent in February 2006 on launching the private banking service.

Be the first to comment on "Bank of China Starts Exclusive Service For Individuals"

Leave a comment

Your email address will not be published.