Dec. 15, 2009 (China Knowledge) - Industrial and Commercial Bank of China<601398><1398> has set up a private bank division in Nanjing, Jiangsu Province.

The new division, following ICBC's private banking divisions in Beijing, Shanghai, Guangzhou and Shenzhen, is the first one in the affluent coastal province.

Launched in March 2008, ICBC private banking services target the high net worth clients with personal financial assets over RMB  8 million. It will offer a wide range of wealth management services, assets management and advisory services to the clients.

It is estimated that the Chengdu division will open within a month. ICBC also has plans to expand the private banking services to other provincial capitals, including Taiyuan, Hangzhou, Jinan and Zhengzhou.