Bank of Communications to launch HK private banking

The lender sees Hong Kong capable of attracting investors of private trust funds and investment immigration.

Bank of Communications, the mainland's fifth-largest lender by market value, recently launched its "OTO Fortune" services, a financial service provided by BoComm to its VIP customers, in Hong Kong, became the first mainland bank to introduce private banking services in Hong Kong, sources reported.

Ye Diqi, vice president of the bank, said that Hong Kong, as an offshore platform for international trading and capitals, attracts numerous investors to the island, thus the lender targets to launch this cross-border financial management services in Hong Kong, according to a report in China Knowledge.

The bank's Hong Kong branches and three subsidiaries will jointly provide various overseas financial products and services, including private trust funds and investment immigration.

BoComm has so far established seven branches and two representative offices in overseas markets, which will further support the lender's cross-border wealth management.