Beijing: Bank of China, the nation’s second-largest state-owned commercial bank, has launched a private banking service targeting only millionaires, state media said Wednesday.
Clients will have to prove financial assets valued at more than $1 million (Rs4.3 crore) to be eligible for the service, the China Securities Journal reported, citing Yue Yi, general manager of the bank’s retail business.
“It is a bank for the top rich,” said Yue.
Currently, the number of people in officially communist China with financial assets exceeding $1 million has reached 320,000, according to the paper.
Services will initially be available in Beijing and Shanghai, two of the nation’s wealthiest cities, the report said.
The service will provide clients with customised products and they will receive advice from more experienced consultants than the average customers.
As another sign of their value to the bank, they will be served in private service rooms.
Yue said private banking has very large space to grow in China and its contribution to the bank’s profit will rise year by year.