Tue, Jul 17, 2007 - Page 11 News List

Citigroup, UBS boosting ranks of private bankers

CONCENTRATED WEALTH Taiwanese with assets of at least US$5 million own 15 percent of the nation's wealth, almost twice the figure in Australia, market analysts said


Issues can arise for private bankers that operate offshore. They aren't allowed to solicit clients living in Taiwan by telephone or on visits to Taiwan, Financial Supervisory Commission Deputy Chairwoman Susan Chang (張秀蓮) said.

The restrictions aren't severe enough to slow the flow of individual assets overseas, said Sabrina Wang, who is a manager at PricewaterhouseCoopers.

Wealthy Taiwanese move money offshore partly because of a wider selection of investments than at home.

"People have far more and better opportunities to grow assets abroad," Wang said.

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