After launching private banking operations in Shanghai and Guangzhou, the Industrial and Commercial Bank of China launched the business in Beijing this week, media reports said.

The bank also plans to offer private banking in Shenzhen next month. By then, ICBC will complete its initial private banking service structure in major Chinese cities.

ICBC's private banking business targets customers with personal financial assets valued at over 8 million yuan, providing services including financial management, asset management, consultancy, private value-added services, as well as cross-border financial services.