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.
(Shanghai Daily November 30, 2007)
