The publication quoted Zhu Xiaohuang, a vice president at the state-run Chinese bank, as saying that it’s a good time to buy assets in Europe because some banks there are planning to sell their private banking units amid the eurozone debt crisis.
The bank has been in talks with a couple of European banks on the issue, Xiaohuang told the paper in an interview. However, no details regarding potential targets and the size of the investment were given.
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The report also added that the bank also plans to add at least 600 outlets in its home market.
This is the first major push by an Asian banking conglomerate to foray into global private banking arena which is traditionally being dominated by banks from western countries, particularly Switzerland and the US.
Currently, all top 20 global private bank by assets under management in 2011 are either from the US or European countries, which underscores the fact how heavily the industry is being dominated by banks’ of particular geography.
WealthInsight believes that many Asian banks who are now sitting huge pile of cash reserves currently, thanks strong economic performance by Asian countries, will follow China Construction Bank and try to aggressively compete with established names in the industry.
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