60% jump for foreign city banks
Print Edition
PROFITS of foreign banks in Shanghai jumped 60 percent last year from 2013 with their deeper involvement in the city’s economy, the Shanghai office of the China Banking Regulatory Commission said yesterday.
Combined net profits of foreign banks in the city were 12.3 billion yuan (US$1.98 billion) last year, 460 million more than 2013, the office said in a statement.
“Foreign banks in Shanghai are still confident about the China market and they are a larger part of it,” the office said. “Foreign banks are helping China drive market reforms, legal system improvement and internationalization.”
Foreign banks continued to concentrate in Shanghai as total assets of foreign banks in the city made up nearly half of total foreign bank assets in China, the office said.
Their total assets amounted to 1.32 trillion yuan by the end of 2014, 11.6 percent of total banking assets in Shanghai.
That compared with a 1.6 percent market share for foreign banks in China.
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