(CRIENGLISH.com)
Updated: 2007-08-07 16:56

The head office of China Merchants Bank (CMB) opened a private banking center on Monday, providing its clients with personalized private banking services such as captive trust products, the National Business Daily reports.

It is the first time that domestic shareholding banks have started private banking services since the Bank of China opened the first Chinese private bank.

The private banking service of China Merchants Bank targets high-profile clients whose personal financial asset reaches at least 10 million yuan (US$1.32 million).

At the beginning, the bank will focus on providing multi-dimensional investment, financing, and consultative services, covering household management planning, education, taxation, real estate investment and other sectors.

Presently, well-educated young people, white-collar workers, and people with certain wealth accumulation make up the main target clients of Merchant Bank. And these people are also the potential clients of the bank's private banking service.