UNITED Overseas Bank China has joined other foreign banks in targeting the rising number of affluent people in China.

The bank, owned by Singapore-based UOB, is eying Chinese clients who have assets of at least 1 million yuan (US$157,146).

There is an increasing number of wealthy consumers in China and they have more diversified wealth management needs, said Tan Kian Huat, president and CEO of UOB China, as the bank launched its privilege banking center in Shanghai yesterday.

According to CLSA Asia-Pacific Markets' Wealthy Asia report, the wealth of high net worth individuals in China will grow from US$2.6 trillion to US$8.8 trillion by 2015 - the highest in Asia.

A survey by HSBC in November said China has the youngest affluent population with an average age of 36, holding liquid assets of US$159,253. Half of these assets are invested in stocks, unit trusts and structured products.

Affluent clients in China have more immediate needs in housing loans and wealth management, according to Eddie Koo, managing director of UOB.

He said that although problems in the United States and Europe have affected Asia, the region is still cash rich and Asians are looking for opportunity to invest.

Beside privilege banking centers in Shanghai and Beijing, UOB plans to open more of them in Hangzhou and Tianjin next year. The bank has 11 branches in eight cities in China.

Source:shanghaidaily