Industrial and Commercial Bank of China has launched its first private banking operations in the affluent coastal area of Nanjing, Jiangsu Province.

ICBC, which targets high net worth clients with at least RMB8 million ($1.17 million), said in a statement that it will be offering a wide range of wealth management, asset management and advisory services to its clients in the area.

The company has been rapidly expanding over the past months as it rushes to tap a lot of the country's under-invested surplus wealth. China is dubbed as the fastest growing economy in the world and the investment interest from both local and international firms and individuals has been overwhelming.

ICBC said it will likely open another private banking office in Chengdu in January 2010. It also has plans to expand to other capitals, including Jinan, Hangzhou, Taiyuan, and Zhengzhou.

The bank is one of the largest in Asia, garnering an after tax profit of RMB100 billion in the first three quarters of 2009. In November, it successfully acquired a license to operate in Malaysia, which was followed by license to set up in Vietnam just last week. To-date, it provides services to 190 million personal clients and 3.1 million corporate clients.