Bank of China (Hong Kong) Ltd. is tapping into a growing number of high net worth mainlanders to grow its Asian private banking business to US$70 billion in three years.
That compares with about US$150 billion in average assets under management by global private banks, the Hong Kong Economic Journal reports, citing Wendy Tsang, general manager for private banking.
Tsang expects China to have 1.26 million high net worth individuals by the end of the year.
Mainland clients account for about 40 percent of the lender’s private banking portfolio.
The figure is expected to rise to about 60 percent in two to three years, Tsang said.
Meanwhile, the bank is planning to hire up to 200 employees for its private banking unit, four times the present staff, in anticipation of double-digit growth in assets under management.
Tsang said investment could pick up at the end of the year or early next year after a slump in the stock market this past summer as investors look for buying opportunities.
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