Banking News
- BOC launches millionaires-only service
Date: 29-Mar-2007 Sources: (Shenzhen Daily)
BANK of China, the nation's second-largest State-owned commercial bank, has launched a private banking service targeting only millionaires, State media said yesterday.
Clients will have to prove financial assets valued at more than US$1 million (7.73 million yuan) to be eligible for the service, the China Securities Journal reported, citing Yue Yi, general manager of the bank's retail business. Currently, the number of people in China with financial assets exceeding US$1 million has reached 320,000, according to the paper. Services will initially be available in Beijing and Shanghai. The service will provide clients with customized products and they will receive advice from more experienced consultants than the average customers.
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