BOC International Holdings Ltd, a wholly-owned subsidiary of Bank of China<601988><3988>, has opened a private bank in Hong Kong, in a bid to cater for the financial needs of the wealthy clients in Asian countries, the Wall Street Journal reported.

Through the new unit, BOCI will offer the affluent entrepreneurs and business executives from mainland China a wide choice of investment products denominated in overseas currencies.

There are lots of opportunities in mainland China, said Tse Yung Hoi, deputy chief executive of BOCI, adding that the bank has attracted about HK$48 billion worth of assets to its private banking services, and plans to double its current headcount to 30 by mid-2010.

BOC has started private banking business in mainland China as early as 2007, and the new private bank is expected to complement the services offered by its mainland counterpart.