Coutts is expected to unveil two offices in China by the end of the year, as the UK private bank targets ambitious growth among the country’...

Coutts is expected to unveil two offices in China by the end of the year, as the UK private bank targets ambitious growth among the country’s swelling number of millionaires. Xiao Gang, chairman of Bank of China, told investors that the bank plans to harness Coutts’ and the Royal Bank of Scotland’s expertise in wealth management, which will include opening private banking outlets as soon as this year. Coutts is a subsidiary of RBS. "Royal Bank of Scotland is our principal strategic investor, and we have established exclusive partnerships in businesses including private banking, corporate banking and property insurance," he said. Mr Xiao said Bank of China was working with Coutts to set up private banking centres in Shanghai and Beijing by the end of the year. The Beijing-based lender has already developed a team of 2,000 client managers for its wealth management service, according to reports. The wealth management operations are expected to predominately go after China’s burgeoning mass affluent market, but Coutts will be interested in capturing business from the country’s growing ranks of millionaires.