BOC sets sights on private banking expansion

Bank of China (BOC) is setting out on a strategic expansion of its private banking operations both domestically and overseas in a drive to serve the nation’s rapidly rising band of wealthy entrepreneurs. It comes as BOC points to a trend of Chinese high-net-worth individuals switching from foreign private banks to domestic firms, a claim that has some substance according to one well-placed independent source, who indicates they are being lured away by collateralised loan products.…