China Merchant Bank Targets the Rich – $1million in Assets or More

China Merchants Bank of Shenzhen is China's sixth largest lender.

The bank has established a 'diamond workshop' and will be targeting China's 345,000 millionaires (up from 320,000 in 2005).

If an individual is worth 10 million yuan ($1.32 million) or more, they will be allowed to bank with Merchants Bank.

Private banking is at the top of pyramid of banking services.

Private banking services in the United States have an average profit of 35% and yearly growth of

12-15%.

China Merchants Bank in Shenzhen is the second Chinese bank to enter the private banking sector.

The first was the Bank of China and teammate Royal Bank of Scotland which kicked off its services in Shanghai earlier this year.

If you were worth a million or more, where would you like to bank at?