Citic Targets Shanghai's Millionaires

Citizens walk past a branch of China Citic Bank in Shanghai.

China Citic Bank Co plans to start a private banking center in Shanghai for millionaire clients.

The Beijing-based bank has already begun serving high net worth clients in the city by sending relationship managers to the city, Zhang Qiulin, general manager of Citic Bank's private banking, said in Shanghai on Friday.

We have plans and ambitions to further tap the Shanghai market, said Zhang.

The bank has already set up private banking centers in Beijing and Shenzhen, targeting entrepreneurs, senior managers and professionals with assets of more than US$1 million.

The bank will take advantage of a cross-product wealth management scheme by offering products from Citic Group affiliates. Wealth management, credit cards and consumer credit will be the key in Citic Bank's retail banking business.

China's high net worth individual growth is outpacing that of the global average.

The number of dollar millionaires in China rose 20.3 percent to 415,000 in 2007. The number worldwide was up just 6 percent that year - 10.1 million individuals.

Source: CRIEnglish