Bloomberg News

Bank of Communications Expands Private Banking to 10 Provinces

June 08, 2009

Bank of Communications Ltd., part- owned by HSBC Holdings Plc, said it will double the number of places where it offers private banking services to 10 Chinese provinces and cities as demand increases.

The bank will offer private banking in Jiangsu, Henan, Hubei, Shanxi and Qingdao, the Shanghai-based company said in a statement today, adding to five places where the service started in March 2008. Potential customers need to have at least $2 million of financial assets or 5 million yuan ($731,347) in investments with the bank.

The number of people with more than $1 million to invest, not including the value of their homes or consumable goods, climbed 23 percent to 415,000 last year, according to a survey by Cap Gemini SA and Merrill Lynch & Co. published in June 2008.

Bank of Communications rose 2.2 percent to close at 7.89 yuan in Shanghai today. The stock has gained 66 percent this year.

--Luo Jun. Editors: Andreea Papuc, Chitra Somayaji

To contact Bloomberg News staff of this story: Luo Jun in Shanghai at jluo6@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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