An expansion in wealth management services will help to produce profits for ABN Amro’s retail banking operations in China as early as next y...

An expansion in wealth management services will help to produce profits for ABN Amro’s retail banking operations in China as early as next year, according to the bank’s China country executive, Linda Wong. The Dutch bank will turn a profit on its Chinese retail operations if there is no extra investment like major advertising expenses, Ms Wong told the local press. ABN Amro currently provides wealth management services and its "Van Gogh" preferred customer banking services through 12 outlets; three branches and six sub-branches in Shanghai, Shenzhen and Beijing, along with three representative offices. It has also received regulatory approval for two branches in Chengdu and Chongqing in south western China. According to Ms Wong, ABN’s revenue in China has grown by nearly 80 per cent year-on-year in the seven months to July. Wealth management services will continue to be the focus of ABN’s retail banking in China as it has insufficient outlets to compete in other areas, compared with domestic lenders, said Ms Wong.