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Household wealth boom calls for private banking in China (3) |
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08:31, July 26, 2007 |
Domestic banks need the support of strong investment banks when it develop its private banking business in China, said Zhou Wei, manager of the wealth management department of the Industrial and Commercial Bank of China.
"It would take a long time for foreign banks to provide good private banking service for Chinese customers, as we could not succeed without the strong support from investment banks and a powerful consulting group," said Claude Haberer, CEO of BNP Paribas Private Bank in North Asia.
Experts also urged related departments to establish a risk supervision system to help ward off various risks involved in the private banking business, and called for the setting up of a multi-level financial market with a comprehensive and balanced portfolio for better development of the service in China.
Source: Xinhua
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