The Bank of East Asia, the large Hong Kong-based bank, said it has started operations of its Shenzhen private banking service centre from June.

The bank's targeted customers are required to have at least $1 million in net assets.

Currently, BEA and China Merchants Bank are the only banks that have already launched private banking services in Shenzhen. The country’s biggest lender, Industrial and Commercial Bank is thought to be actively preparing for launching the service, according to media reports. Its private banking service centre is expected to commence operations soon.

In April, BEA launched private banking in Shanghai for the first time.