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Private bankers’ favorite
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China’s growing wealthy population will ensure the county remain the favored Asian market for private bankers to find new clients over the next two years, PricewaterhouseCoopers said yesterday.
The Chinese mainland, Indonesia and Hong Kong are the top-three markets for private bankers in Asia, PwC said in a report, after surveying 200 institutions from more than 50 countries and regions. The Asia-Pacific region accounted for 24 percent of the respondents.
“The private bank business started in China’s mainland in 2007, and it has achieved tremendous growth alongside China’s economy and the country’s high net worth individuals,” said Jimmy Leung, PwC China Banking and Capital Markets Leader.
About 88 percent of private banking clients on the mainland are interested in offshore investment, PwC said.
But a major obstacle to developing private banking on the mainland is that the capital account is not yet fully open. But foreign institutions are increasing investment as they expect regulations will be eased in future, Leung said.
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