BEA launches private banking service in Shenzhen

Source: China Knowledge Press


BEA launches private banking service in Shenzhen
BEA launches private banking service in Shenzhen

07/04/2008  


Jul. 3, 2008 (China Knowledge) - The Bank of East Asia Ltd (BEA), the largest independent local bank in Hong Kong, has started operations of its Shenzhen private banking service center from Jun. 30. It is the first foreign bank to enter this particular field of business in the city, say sources in financial circles. According to market reports, the bank's targeted customers are required to have at least US$1 million in net assets. Currently, BEA and China Merchants Bank (CMB) are the only 2 banks that have already launched private banking service in Shenzhen. According to industry insiders, the country's biggest lender Industrial and Commercial Bank (ICBC) (Shenzhen Branch) is actively preparing for launching the service. Its private banking service center is expected to commence operations soon. In April, BEA launched private banking service in Shanghai for the first time.

Executives with BEA said earlier that it was the right time to take a bite of the business, considering that the number of super rich individuals is increasing year-on-year and most of them are almost settled in flourishing areas like Shanghai, Beijing and Guangdong. In addition, BEA has earned strong customer confidence through years of endeavor.