China Merchants Bank plans to nearly double its high-end private banking network in China this year on the back of country's recovering economic growth.
The Shenzhen-based bank plans to open seven centers for rich clients in the second half this year, boosting its total private banking network to 15 in China, said Liu Jianjun, retail banking general manager of the bank.
The bank, the country's sixth-biggest lender, started its private banking business in August 2007, targeting clients with assets of more than 10 million yuan (US$1.46 million).
The Shanghai-listed lender is the second Chinese bank to venture into private banking to service the country's increasing super-rich.
China is forecast to have 320,000 people on the mainland with investable assets of more than 10 million yuan by the end of this year, 6 percent more than a year ago, said a report issued by China Merchants Bank and Bain & Co, a consulting firm.
The super rich are expected to have combined investable assets of 9 trillion yuan by the end of this year, up 7 percent than a year ago.
(Shanghai Daily July 21, 2009)