Published by Finews.asia – 16th Nov 2017
The Bank of China became the first Chinese bank to launch dedicated private banking services in London.
With a growing flow of wealthy individuals from China buying U.K. assets including prime residential and commercial real estate while others are living, doing business in and traveling to the country the new service reflects the demand from Chinese clients for a banking provider that understands them.
International wealth managers in London have focused on serving ultra high net worth (UHNW) clients from China by recruiting Mandarin-speaking client managers but the Bank of China move will change the dynamics. With a presence in all cities across China the potential network for the London branch to plug into dwarfs its rivals.
Bridgehead for Transfer of Wealth
The Bank of China’s new service according to a report in the China Daily includes mortgages, shopping discounts at luxury venues, targeted help for international students, and legal, tax and investment advice.
The U.K is home to a substantial number of students from wealthy Chinese families who as well as studying in the country also invest, stay on to work or run family businesses out of Britain.
In a recent report real estate firm Knight Frank said Chinese buyers now make up in the region of 20 percent of new residential property transactions in London. Chinese nationals also accounted for 35 percent of all student visas granted in the U.K. in 2016.
