Bank of China has become the first Chinese bank to launch a private banking arm in London, the company confirmed on Wednesday.

This comes amid a growth in the number of Chinese wealthy individuals travelling and conducting business in the city.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The bank is targeting people who are in the UK to study, invest, buy property or shop, the China Daily said.

The private banking services will include legal, tax and investment advice. Bank of China will provide this in collaboration with investment management firms Quilter Cheviot and Standard Life Aberdeen.

However, it remains unclear how large deposits must be in order to qualify for the service. The way in which a bank defines a private banking client can vary, but it typically covers high net worth individuals having deposits of at least $250,000.

Estate agent Knight Frank recently said 20% of residential property transactions in the capital come from Chinese buyers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

China also saw the highest number of Tier 4 and equivalent visas issued in 2016. Data by the British Council indicated that China accounted for 40% all Tier 4 and equivalent visas granted to all countries.

Furthermore, a report by the Industrial Bank Co in China last year predicted an increase in the number of wealthy Chinese families to 3.8m by 2020. This compares to 2.07m wealthy families in 2015.

Chris Donegan, partner and chief risk officer at Chinese asset manager Hywin Wealth welcomed the move. “It is very exciting that BOC is opening their private banking businesses here in the UK,” and a “great vote of confidence and reflects the demand that is beginning to form among Chinese clients for a banking provider that understands them.”

Donegan said that Hywin could partner up with Bank of China to help its UK private banking client make appropriate investments.

Hywin’s comments could not be confirmed.

The bank has provided private banking services to China since 2007. It currently also serves private banking clients in Hong Kong, Macau and Singapore.