The Agricultural Bank of China (ABC), the
third biggest bank in China by assets, is to expand its private
banking network in mainlaind China.
ABC currently has CNY330bn ($51bn) in assets
under management (as of March) and a private banking network in 12
provinces.
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The bank is now going to increase its
distribution to 20 provinces.
The expansion plans are part of the bank’s
plans to offer more diversified and segment-specific services.
ABC went public and launched its private
banking service in 2010.
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By GlobalDataPresent in 12 provinces already
Services that the bank is offering include
asset management and private financial consulting, as well as
cross-border financial advice.
ABC’s current distribution network includes
the provinces of Beijing, Shanghai, Tianjin, Shandong, Shenzhen and
Xiamen.
In April, ABS signed an agreement with Bank of
Montreal to offer cross-border wealth management services for their
respective clients.
