Overseas banks eye aggressive expansion
By Zhang Fengming |
June 2, 2011, Thursday
|
Print Edition
Print Edition
OVERSEAS banks plan to compete aggressively against their Chinese peers to tap China's emerging affluent customers by growing networks and launching innovative products in the market.
Citibank (China) Co, the United States bank's subsidiary on the Chinese mainland, launched a new retail banking service yesterday in a bid to connect with the emerging affluent Chinese, who are between 30 and 45 years old with annual income of more than 200,000 yuan (US$30,769) or investable assets of over 500,000 yuan.
This group of customers may grow 15 percent annually over the next decade.
"The emerging affluent is a key priority for us across the region," said Daniel Baranowski, regional head of emerging affluent at Citibank Asia Pacific, in Shanghai yesterday. "The group is over-banked but under-served."
The bank is also targeting individuals with at least 80,000 yuan of investable assets at Citibank.
In January, HSBC launched a new retail banking unit to target those aged between 25 and 39. This group may have at least 100,000 yuan or equivalent investable assets, including deposits and wealth management products, at the bank.
In December, Standard Chartered Bank became the first overseas bank to launch retail services that target the emerging affluent group, aged between 25 and 40 with a monthly income from 10,000 yuan up to 40,000 yuan - a segment that is growing rapidly at the bank.
Overseas banks are also growing their networks.
HSBC said in May that the bank will add 15 to 20 new outlets on the mainland to the 108 it now has. Standard Chartered yesterday opened its 69th outlet on the mainland. Citibank may expand into Changsha and Wuxi later this year.
Citibank (China) Co, the United States bank's subsidiary on the Chinese mainland, launched a new retail banking service yesterday in a bid to connect with the emerging affluent Chinese, who are between 30 and 45 years old with annual income of more than 200,000 yuan (US$30,769) or investable assets of over 500,000 yuan.
This group of customers may grow 15 percent annually over the next decade.
"The emerging affluent is a key priority for us across the region," said Daniel Baranowski, regional head of emerging affluent at Citibank Asia Pacific, in Shanghai yesterday. "The group is over-banked but under-served."
The bank is also targeting individuals with at least 80,000 yuan of investable assets at Citibank.
In January, HSBC launched a new retail banking unit to target those aged between 25 and 39. This group may have at least 100,000 yuan or equivalent investable assets, including deposits and wealth management products, at the bank.
In December, Standard Chartered Bank became the first overseas bank to launch retail services that target the emerging affluent group, aged between 25 and 40 with a monthly income from 10,000 yuan up to 40,000 yuan - a segment that is growing rapidly at the bank.
Overseas banks are also growing their networks.
HSBC said in May that the bank will add 15 to 20 new outlets on the mainland to the 108 it now has. Standard Chartered yesterday opened its 69th outlet on the mainland. Citibank may expand into Changsha and Wuxi later this year.
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