SHENZHEN Development Bank (stock code: 000001)l aunched a nationwide wealth management plan yesterday to pave the way for its private banking services to target high-end clients.

"Private banking is on the top of the pyramid of wealth management, and we plan to tap the market after gaining enough experience," said Xie Yongling, deputy general manager of the SDB Wealth Management Center in Shanghai.

SDB is targeting clients with financial assets of more than 200,000 yuan (US$26,315) at the bank.

The lender has about 250 wealth management professionals nationwide. The bank hired professionals with overseas experience last year to strengthen its wealth management capacity.

The wealth management scheme is based on its investment service for VIP clients, which has been running since 2003.