BoComm launches private banking service for high net clients

Bank of Communication<601328><3328>, partly owned by HSBC Holdings Plc<5>, announced on Monday it will start the private banking service in Shanghai to target the increasing number of millionaires in the country.

"5% of BoComm's top retail clients contributed to three quarters of its total retail banking business in terms of turnover," said Xu Hao, deputy director of BoComm's private banking management center.

Besides Shanghai, BoComm also plans to start the services on trial basis in its existing branches in Beijing, Guangzhou, Shenzhen and Hangzhou to serve top-end clients who enjoyed a net worth of more than US$2 million, according to Xu.

The service is part of its existing wealth management brand OTO, which requires clients to have minimum assets valued at RMB 500,000. The Shanghai-based lender will focus on building its own brand in wealth management in future.