Citigroup offering private banking services in China - report |
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Wed, 06 Jun 2007 01:11
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BEIJING (XFN-ASIA) - Citigroup Inc's Citibank (China) Co has begun offering private banking services here, the Wall Street Journal reported.The newspaper said Citibank (China) had private bankers in offices here and in Shanghai who would cater to clients with a net worth of at least 10 mln usd.It quoted the head of Citibank's private-banking business, Andrew Tung, as saying: 'We believe that China's robust economic growth and strong entrepreneurial culture will result in extraordinary levels of wealth creation. China could, therefore, become Asia's largest wealth-management market outside of Japan in a decade -- perhaps less.'The number of wealthy Chinese is increasing rapidly, the newspaper said, citing a recent report by Merrill Lynch report saying there are 320,000 'super-rich', with combined assets of 1.59 trln usd.As the authorities here crack down on easy credit, banks will need to keep looking beyond corporate clients for ways to generate profits, the Wall Street Journal said.andrew.pasek@xinhuafinance.com
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