The China-incorporated unit of Hong Kong-based Bank of East Asia said it will open its private banking business in the mainland by year-end. Executive vice president Lam Chi Min told XFN-Asia that the service, which will cater to clients with a net worth of at least $1 million, will be launched simultaneously in some of its 13 branches and 25 sub-branches in China. Citibank (China) and Standard Chartered Bank (China) are among banks that have already started offering private banking services in mainland China.