ABN Amro has launched its private banking business in Taiwan for clients with liquid assets of more than $1 million. The Dutch bank has also...

ABN Amro has launched its private banking business in Taiwan for clients with liquid assets of more than $1 million. The Dutch bank has also said it plans to double its Asian private banking business in terms of assets managed to $20 billion within four years. Jos ter Avest, global head of ABN’s private banking business told Bloomberg: “Our strategy is to grow organically. Our growth rate is fast enough.” ABN has opened private banking offices in the Taiwanese cities of Taipei, Taichung and Kaohsiung. “We aim to get 400-500 such clients by the end of 2006 and double the size by the end of 2007,” said Barend Janssens, Asia head of the bank’s private banking unit, in an interview with Bloomberg. He added: “We estimate the potential clients in Taiwan at 80,000 to 100,000 with a combined asset size of about $250 billion.”