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Bank of China expands business in high-end market
[2008-12-30 16:11:00]
December 29, 2008
Bank of China, one of China's four largest state-owned commercial banks, declared today it would expand its business of wealth management service network for high-income clients and believed the financial crisis would not hinder its ambition.
BOC launched a new customized wealth management service to clients with at least 2 million yuan financial assets. The new service which will be provided in 50 operation centers in major cities around China is a part of the bank's wealth management service system for rich people.
Li Lihui, Vice Chairman and President of BOC, said he was confident about the business although the current global financial crisis squeezed wealth. He believes that the impact of the financial crisis on China would be temporary and limited. So he thinks it is the best time to expand the hi-end market in China.
He added that Bank of China would continue its process of going international, but that process, he noted, would be based more on the domestic market by offering international standard services to clients in China.
Bank of China is the most international bank among Chinese banks. It is listed in both Shanghai and Hong Kong. According to its report for the third quarter of the year, its total assets increased by 10 percent.
According to the announcement of BOC, by Sept. 17, 2008, it held 53.2 million USD of loans and 75.6 million USD of the US Lehman Brothers, which accounted for 0.01 percent of the bank's total asset and 0.19 percent of the bank's net asset by June 30 this year.
On Sept. 18, 2008, BOC declared its acquisition of 20 percent of equity of Paris-based La Compagnie Financière Edmond de ROTHSCHILD Banque.
By People's Daily Online
BOC launched a new customized wealth management service to clients with at least 2 million yuan financial assets. The new service which will be provided in 50 operation centers in major cities around China is a part of the bank's wealth management service system for rich people.
Li Lihui, Vice Chairman and President of BOC, said he was confident about the business although the current global financial crisis squeezed wealth. He believes that the impact of the financial crisis on China would be temporary and limited. So he thinks it is the best time to expand the hi-end market in China.
He added that Bank of China would continue its process of going international, but that process, he noted, would be based more on the domestic market by offering international standard services to clients in China.
Bank of China is the most international bank among Chinese banks. It is listed in both Shanghai and Hong Kong. According to its report for the third quarter of the year, its total assets increased by 10 percent.
According to the announcement of BOC, by Sept. 17, 2008, it held 53.2 million USD of loans and 75.6 million USD of the US Lehman Brothers, which accounted for 0.01 percent of the bank's total asset and 0.19 percent of the bank's net asset by June 30 this year.
On Sept. 18, 2008, BOC declared its acquisition of 20 percent of equity of Paris-based La Compagnie Financière Edmond de ROTHSCHILD Banque.
By People's Daily Online
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