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(Reuters)
Updated: 2007-07-30 14:55

The Industrial & Commercial Bank of China (ICBC) is preparing to set up a private banking unit but has ruled out a foreign partnership for the project, the China Securities Journal reported on Monday.

Related readings:  Standard Chartered in overdrive to expand network  Private banking set to take off in China  BOC to launch private banking services  ICBC to add loans for small enterprises to 500 bln yuan

China's largest lender, unlike domestic peers such as Bank of China , has no plans to bring in a foreign partner for the private banking unit, the newspaper said, citing an unnamed industry source. "Instead, it is preparing for a real, domestic private bank," said the report.

Banks are racing to grab business managing money for wealthy clients in the world's fastest-growing major economy.

Global banks, including BNP Paribas and Citigroup, have set up private banking units that target clients with investable assets of $1 million or more. Local lenders are also gearing up to offer services to the wealthy.

About one-tenth of ICBC's 170 million personal banking clients are high-end customers, some of whom could be future targets for private banking services, the China Securities Journal added.