When Chinese entrepreneurs take their money out of the mainland, the last place they might be expected to put it is back in the hands of a state-owned bank.
Yet Bank of Chinais building an offshore private banking business to attract exactly that sort of investor, blazing a trail that its rivals are expected to follow, according to people in the industry.
The bank, which this week ended its bid to establish a private banking operation in Europe, has chosen to focus on offshore business in Hong Kong and Macau and has been on a hiring spree since it established operations there last year.
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