Bank of Chinais ending its bid to establish a private banking operation in Europe with the sale of its Geneva arm to Julius Baer, Switzerland’s largest private bank, as it seeks to focus its efforts in offshore Asia.
The Chinese bank is preparing to launch a new service in Hong Kong and Macau later this year.
It has been investing in systems and people ahead of a formal rollout of a new private banking service under Bank of China International, its investment bank, in the fourth quarter, according to two people familiar with its plans.
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