BOC to open private banking arm in London

The Bank of China on Tuesday became the first Chinese bank to launch private banking services in London, in a bid to tap into the burgeoning pool of wealthy individuals living in and traveling to Great Britain's financial hub.

Private banking is the name given to banking, investment, and other tailor-made services offered to wealthy clients.

In recent years, the growing number of wealthy individuals- and especially the large pool of rich Chinese businesspeople in London - has attracted the attention of British banks, including HSBC and Coutts, which have targeted clients by recruiting Mandarin-speaking client managers, among other tactics.