Home / Business / Finance Tools: Save | Print | E-mail | Most Read
Tieups for private banking eyed
Adjust font size:

Credit Industriel et Commercial, Europe's third largest bank based in France, expects to find local partners to tap the mainland's private banking business, said company executive yesterday.


"If there are any opportunities for CIC and banks in China to incorporate, we can't ignore them. Our proposals are open," said Timothy K. Lo, managing director of CIC Investor Services Ltd, the bank's Hong Kong subsidiary.


CIC has partnered with Hong Kong's Bank of East Asia since 2003 to provide private banking and asset management services for mainland clients with offshore assets.


But BEA has set up its own private banking service in Hong Kong last year and will start a similar service soon on the mainland, according to Lo.


The fast expanding wealth of Chinese mainlanders boosted CIC's interest in the market.


"We target the high-end sector and our clients are required to have a minimum non-fixed assets of US$1 million, referring to liquid capital such as cash, equities or income," said Lo.


China has accepted eight applications from overseas-funded banks to incorporate their mainland branches -- HSBC Holdings, Citigroup, Standard Chartered Bank, Bank of East Asia, Hang Seng Bank, Mizuho Corporate Bank, Singapore's DBS Bank and ABN AMRO.


CIC has representative offices in Beijing and Shanghai.


(Shanghai Daily November 30, 2007)


Tools: Save | Print | E-mail | Most Read

Username Password Anonymous
China Archives
Related >>
- Bank of China Starts Exclusive Service
- Private Banking Set to Take off in China
- Household Wealth Boom Calls for Private Banking
Most Viewed >>
- Gold futures jumps to daily limit upon debut
- Chinese economy in 2007
- Survey: B2B transaction volume up 25.5% in 2007
- Policy bank eyes rail project stake
- China Eastern not to ally with Air China

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?