Fujian-based commercial lender Industrial Bank Co. has grabbed the green light from Chinese regulators to conduct private banking operations.
Industrial Bank announced on 21 December that it had obtained approval for its private banking department to commence operation from the Shanghai branch of the China Banking and Insurance Regulatory Commission (CBIRC).
CBIRC also issued a “Financial Operating License” (金融许可证) to Industrial Bank for its private banking unit.
Industrial Bank is reportedly the first joint-stock bank in China to launch its own specialist private banking unit, as well as the first lender to obtain approval for such a unit to commence operation in nearly a decade.
Dai Xuxian (戴叙贤), general manager of Industrial Bank’s private banking department, said that the launch of the specialist unit would help Industrial Bank to further optimise its wealth management operations model and system, and continue to improve private banking services and customer service quality.