Bank of China and Royal Bank of Scotland (RBS) have launched a private
banking business targeting people with more than US$1 million amid
comments that the country may become one of the most important private
banking markets. The success of the joint venture will likely depend on how UK-style
banking options are promoted to BOC clients, the Financial Times
reported. The first two branches will be in Beijing and Shanghai but
Sir Fred Goodwin, chief executive of RBS, said BOC's existing client
base coupled with RBS's experience will give the JV an "unrivaled"
position. A survey last year found more than 320,000 people in China
with more than US$1 million in assets and "this will steadily
increase," said Li Lihui, president of BOC.
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