The Industrial and Commercial Bank of China yesterday introduced its top-end private banking business in China's second-tier cities to cater for China's growing super-rich.

The nation's biggest lender opened its private banking business in Chengdu, Sichuan Province, and will expand to Taiyuan, Nanjing, Hangzhou, Jinan and Zhengzhou, targeting clients with more than US$1 million, the bank said.

"The bank is determined to speed up the private banking business after the set-up of the network in Shanghai, Beijing, Guangzhou and Shenzhen," the bank said.

Banks are vying to gain access to affluent clients under the 2-8 rule, which contends that 20 percent of high-end clients contribute 80 percent of a bank's profit.

China will have 320,000 individuals with investable assets of more than 10 million yuan (US$1.5 million) by the end of this year, 20,000 more than a year ago, according to a China Merchants Bank and Bain & Co report.

Source: china.org.cn

Editor: Charlie