(China Daily)
Updated: 2007-07-31 11:23

The Industrial & Commercial Bank of China (ICBC) is preparing to set up a private banking unit but has ruled out a foreign partnership for the project, the China Securities Journal reported yesterday citing an unnamed industry source.

China's largest lender has no plans to bring in a foreign partner for the private banking unit, the report said.

Global banks, including BNP Paribas and Citigroup, have set up private banking units that target clients with investable assets of $1 million or more. Chinese domestic lenders are also gearing up to offer services to the wealthy.