Bank of China (BOC) instigated a private banking service targeting millionaires only in Beijing and Shanghai.

The clients owing financial assets valuated over US $1 million are qualified for the service offered along with the Royal Bank of Scotland that possesses a 4.4 percent stake in the bank.

“It is a bank for the top rich,” Yue Yi, GM of the bank’s retail business stated.

Yuan Kuntao, GM of the UK-based bank’s Asia-Pacific division articulated the novel service would convene the customized requirements of Chinese customers. The customers will also take advice from more knowledgeable advisors than the average customers.

Primarily the services will be obtainable in Beijing and Shanghai.

As per the reported figures by Capgemini and Merrill Lynch China was home to 320,000 millionaires in 2005.