THE private banking arm of the Industrial and Commercial Bank of China opened in Qingdao recently. During the past year, six private banks have opened, making Qingdao the city with the most wealth management organizations.

    Meanwhile, China’s first third-party money management consultancy, Noah Wealth Management, is now exploiting the market, while the wealth management center from the CITIC Wantong Stock Co. Ltd. will also open soon.

    Clients of the six private banks should have at least 8 million to 10 million yuan.

    (Wang Yuanyuan, Fu Jun)