November 30th, 2007 | Shanghai Daily Tieups for private banking eyed
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.
(November 30, 2007)