Private banks fail to gain traction in China

For one thing, the self-made millionaires believe they can generate higher returns than those available from private banking products. For another, the free transfer of assets across the border is forbidden and not all the high-net-worth individuals are eligible to open offshore accounts, limiting their ability to participate in many wealth management products.

via Business feed http://www.scmp.com/business/banking-finance/article/1187774/private-banks-fail-gain-traction-china