INDUSTRIAL BANK(SH:601166) 第一财经·2025-05-27 12:16Core Viewpoint - The article discusses the launch of a high-end internship program by Industrial Bank aimed at high-net-worth clients' children, which has sparked controversy regarding its compliance and the implications of linking deposits to internship opportunities [1][2][4]. Summary by Sections Program Overview - The "Elite Internship Program" is designed for children of high-net-worth clients, offering internship opportunities at well-known companies such as Google, Microsoft, and ByteDance, among others [5][6]. - To qualify, non-private banking clients must deposit an additional 10 million yuan, while existing clients need to add 5 million yuan, with funds locked until the internship concludes [5]. Industry Context - This initiative reflects a broader trend in the banking industry where private banks provide educational and internship services to high-net-worth clients, driven by increasing competition and deposit acquisition pressures [2][8][11]. - Other banks, like Citic Bank, also offer similar services, indicating that such practices are common in the industry [8]. Compliance and Controversy - The requirement that funds cannot be transferred during the internship period has raised questions about its legality under Chinese banking regulations, which emphasize voluntary deposits and withdrawal freedom [3][12]. - Legal experts suggest that this model could potentially violate regulations against using improper means to attract deposits, although some argue it is a normal business practice [12][14]. Market Dynamics - The competitive landscape among banks is intensifying, with private banking services becoming a key focus for attracting high-net-worth clients [11]. - As of the end of 2024, major banks like ICBC and ABC reported significant growth in their private banking assets under management, highlighting the importance of this segment in overall banking performance [11].