The Asian Banker

BoC HK launches private banking services
Nov 21, 2012

November 7th 2012 – Bank of China (Hong Kong) Limited ("BOCHK") today announces the launch of Private Banking services to provide high-net-worth ("HNW") individuals and their families with private and premium integrated wealth management services.

Mr Jason Yeung, Deputy Chief Executive of BOCHK, said, "According to an industry research, the Asia-Pacific countries accounted for approximately 20% of the total number of about 29 million HNW individuals with wealth between US$1 million and US$50 million worldwide, while that of China was estimated to be 3.4%, or one million HNW individuals. It is expected that, the estimated number of HNW individuals in China will double by 2017, and China will surpass Japan as the second wealthiest country in the world in the next five years. It is beyond doubt that the growing number of HNW individuals in China and the rest of Asia will generate increasing demand for private banking services."

"The service model of our premier private banking services '1+1+1' captures the essence of our integrated solution to wealth management offered at the ultimate personal level. These figures are the pillars of our commitment to consistently deliver professional services to our customers, their families and their businesses; and to assist them to grow and pass on their wealth to future generations," Mr Yeung said.

Ms Wendy Tsang, Head of Private Banking of BOCHK, said, "The model of '1+1+1' backed by our corporate banking and personal banking services provides integrated and one-stop solution to customers. In addition to the comprehensive services such as Investment and Consultancy, Trust, Estate Planning as well as Personal and Corporate Banking, BOCHK Private Banking will focus on the development of RMB products and services to meet the diverse needs of our customers."

The financial strength is also a major criterion for customers in selecting a bank as their trusted partner. Notwithstanding downgrades for most of the global banks after the financial turmoil, BOCHK’s long-term credit rating was raised by Standard & Poor's by two notches (from "A-1" to "A+"), and BOCHK was rated the Second Strongest Bank in the world by Bloomberg Markets. Capitalising on its strong financial strengths and franchise supported by the Bank’s sizable assets, BOCHK Private Banking provide customers with diversified portfolio management and secured loan services to increase their funding flexibility.


Re-disseminated by The Asian Banker

Categories: Retail Banking
Keywords: BoC HK

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