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Essay / Research Paper Abstract
A 4 page paper that provides a brief overview of the growth in wealth in China and what the wealthy need from their bank. The paper comments on Bank of America's presence in China through the interest they own in one of the major banks there. The writer also comments on the services that BofA should promote. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGbofch9.rtf
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Unformatted sample text from the term paper:
wealthiest persons are putting their money in offshore accounts, especially in Zurich, Hong Kong and Singapore (Wright, 2008). But, there is also a recent trend in China which is domestic
banks that cater to the ultra-wealthy (Wright, 2008). These banks are offering much-needed services in terms of wealth management (Wright, 2008). It is this sector that is expected to drive
the financial sector in China in the future (Wright, 2008). The wealth in China has grown dramatically. Between 2001 and 2006, it grew at a rate in excess of 23
percent per year and over 31 percent in 2007 (Wright, 2008). Except for Japan, China is the largest bank market in Asia (Wright, 2008). Even with the downturn in the
market, last fall, Boston Consulting Group predicted that Chinas annual rate of household asset growth would exceed 17 percent per year for the next few years (Wright, 2008). This same
group estimates that by 2011, there will be 609,000 millionaires in China and that is using the U.S. dollar for it calculation (Wright, 2008). It is this economic growth and
the need for wealth management services that will drive the banking industry at least for the next several years. However, these people are heading more to private banks than public
banks, i.e., those owned by the country (Wright, 2008). And, the private banking industry is growing fast in China, according to China Citic Banks general manager Lynn Zhang (Wright, 2008).
These private banks require customers to have a high degree of assets, U.S.$1.14 at Citic (Wright, 2008). One of the reasons the bank market in China may not have had
such a severe meltdown was that they restricted loans in 2007 (Roberts and Tschang, 2007). The government did that to "cool down its economy to avoid a painful crash" (Roberts
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