Pudong Bank boosting retail banking as Chinese personal wealth rises

September 5, 2007

pufa.jpgPersonal wealth is growing on the back of China’s breakneck economic growth, and Shanghai Pudong Development Bank is gearing up by doubling its outlets to meet rising demand for wealth management services, the bank’s president told the China Century Summit.

Pudong Bank, a local partner of Citigroup Inc, hopes the proportion of its assets from the retail banking business will rise to 35 percent by 2010 from 15 percent now, Fu Jianhua, vice chairman and president of the Chinese bank, said.

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