logoCoutts, the UK bank for rich people, wants to tap China's growing number of millionaires and is talking to Bank of China about a joint venture, according to the Financial Times.

The
move, which will require government approval, highlights China's big
attractions for the wealth management industry. China is virgin
territory, however, and it could be a struggle to wean China's affluent
off their attachment to cash. The first products are thus likely to be
cash- and forex-based rather than involve equities, according to the
bank.

Coutts already has 300 bankers in Hong Kong and Singapore
dealing with offshore private banking clients. The upmarket bank is
best known for being the personal bank of the Queen of England but it
has sought to broaden its appeal in recent years beyond the landed
gentry to include the nouveau rich. Today, its client list is rumoured
to include cultural icons like Real Madrid footballer David Beckham.

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