CITIC Bank launches private banking services in Hong Kong
CITIC Bank International (CBI), a subsidiary of China CITIC Bank Corporation (CNCB), has launched private banking service in Hong Kong, to tap the growing market in the mainland and Hong Kong.
The private banking center will serve the High Net Worth Individuals with total deposit and investable assets worth $1m or above.
It will offer private banking products and services including wealth protection and enhancement, asset revitalization, onshore and offshore financial services, succession planning and lifestyle events.
The bank said that the mainland market is of prime importance, as well as potential Hong Kong market, where it has observed a significant increase in number of High Net Worth Individuals in recent years.
CNCB executive vice president Cao Tong said the bank's mid-term goal is to capture 3-5% of mainland's private banking market share.
CBI CEO Doreen Chan said that the launch is the bank's response to clients' needs in private banking service, and will complement and enhance bank's retail banking franchise.
CITIC Bank International is the offshore banking arm jointly owned by CITIC Bank and Spain's BBVA. The 30 branches of the bank are located in Hong Kong, Beijing, Shanghai, Shenzhen and Macau, with overseas branches in New York, Los Angeles and Singapore.
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