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RBS to launch Chinese wealth management business

Royal Bank of Scotland is talking to Bank of China about launching a joint venture to target China's wealthy.

The Financial Times reported this week, that Coutts, RBS's private wealth management bank, sees China as a key growth opportunity for its wealth management business.

Coutts already has 300 bankers in Hong Kong and Singapore dealing with offshore private banking clients, and may be set to recruit more to deal with the expected demand, despite confirming this week that several of its private bankers have defected to EFG, the international private banking group headquartered in Geneva.

China has a market rich for picking, as Gordon Pell, chief executive of RBS explained: For a place on the Asian rich list, "If you don't have 100m you don't count." Pell believes cash-based products and trading-based products, such as foreign exchange, will develop first, with equity-based products to follow.

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