China Construction Bank has launched a new private banking service targetting wealthy mainland migrants and rich Hong Kong residents, The Standard Hong Kong writes.

The bank, which provides wealth management and advisory services, is reportedly looking to expand its current branch network of 47 to between 60 to 80 over the next three years. This includes the opening of five more branches and the hiring of 100 to 200 staff in 2011. CCB (Asia) also said it expects to attract up to 300 clients in the first year of its private banking unit.

"We believe our private banking business can break even in two or three years," Yvonne Hsin, head of private banking, was quoted as saying.

The minimum entry to this exclusive new service is said to be at HK$10 million.

CCB (Asia) is enjoying Asia's affluent client boom, posting HK$99 billion in total assets of 30 November 2010, and hopes to capture more of this fast growing market. According to Hsin, the average amount of assets under management in the local private banking industry is $3 million per client, while the amount for an account in the first year is about $1 million or $2 million.