Life Insurance

SHANGHAI, April 23 (Reuters) - For those Chinese rich enoughto open an 80,000 yuan ($10,350) account, Citigroup Inc. (C.N: Quote, Profile , Research)and Standard Chartered (STAN.L: Quote, Profile , Research)(2888.HK: Quote, Profile , Research) are now promising analternative to the long queues at China's big state lenders.

The two foreign banks, along with HSBC Holdings Plc. (HSBA.L: Quote, Profile , Research)(0005.HK: Quote, Profile , Research) and Bank of East Asia (0023.HK: Quote, Profile , Research), also hope that freetea, an array of insurance and other products, and a focus onwealthy clients will help them to carve out a lucrative retailbanking niche in the world's fourth-largest economy.

"I want better and more professional banking services, so Iwant to give Citibank a try today," said Lu Lugang, 35, a managerat a foreign firm who opened an account on Monday at Citigroup'sbranch in Shanghai's financial district.

"If the service at Citibank is really good, I will depositmore and probably try more products at the bank," said Lu, thetop U.S. lender's first yuan-banking retail client in China, ashe held a complimentary glass of champagne.

The four banks opened their doors for local-currency retailbusiness on Monday after launching domestically incorporatedChinese units in early April.

As locally registered banks, the can offer the same servicesas the likes of Industrial and Commercial Bank of China(601398.SS: Quote, Profile , Research)(1398.HK: Quote, Profile , Research), China's largest bank by assets.

Chinese media have been criticising ICBC and other domesticbanks in recent weeks for inefficient service, including averagewaits of 30 minutes to two hours before reaching a teller'swindow. Continued...

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