Foreign and local banks battle for China’s golden generation
The private banking industry is coming of age in China, as the number of new millionaires in the country rockets. Foreign and local banks are rushing to offer them wealth management services. Clients have sky-high expectations, and meeting them will be tough.
|Private Banking and Wealth Management Survey 2011|
|Full results index|
"I HAVE TWO clients who to me illustrate the extremes we’re dealing with in China," says an experienced private banker in the country. "One has hundreds of millions of dollars, is as sharp a businessman as you’ll find, but when he buys a stock in the morning he’s really worried if it’s down by a dollar that afternoon.