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Chinanews, Beijing, Mar1. 22 – A private bank which only offers service to people with assets of over one million US dollars will be opened on March 28, the Beijing Evening News reported.
On Tuesday, the Bank of China and the Royal Bank of Scotland announced that the two banks would work together to launch private bank service to individuals. This is the first of its kind ever launched in China. Clients of this private bank will enjoy much better service than those VIP customers in ordinary banks. Based on every customer’s financial status, the private bank can organize a team of experts to customers who will make world-class investment products tailored to the needs of each customer. Apart from this, customers can also enjoy services like lifetime planning, consulting services in education, taxation2, and real estate market. “Compared with the one-to-one service offered to VIP customers of the Bank of China, this private bank can actually provide one-plus-one service to each customer, which means that we will send a bank manager and a financial consultant3 for each of our customers and give them financial advice at their home if they like,” said Li Lihui, the president of the Bank of China. Although the potential market for private banks is enormous, the current banking4 management system, which encourages separate business operation instead of mixed business operation, and the foreign exchange management scheme, might contain the product innovation capability5 of private banks, some analysts6 said.
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