Why China’s Big 4 private banking can’t take off
China’s Big 4 state banks may have huge assets, wide distribution network ,customer base and state support, but there’s one sector that is not up to the mark presently.
It’s not due to lack of trying but rather of the peculiar nature of china’s politics. Most China’s rich is not turning to the 4 state banks for private banking.
Those that are corrupt obviously won’t want the state to find out, those who don’t want the state to know whether they have been underpaying taxes will also avoid the Big 4. Those that are afraid that the state may one day seize their assets will stay away too.
Although, the big 4 are too big to fail, its backer’s might scare the daylights out of the rich.
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