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Bank of Communications Diversification the key

BANK of Communications plans to further diversify its businesses and offer bigger credit support to air carriers and shipping companies as it hopes to play a larger role in Shanghai's development into a financial hub, its chairman said.

The Shanghai-based bank hopes to make further achievements in exploring sectors such as domestic insurance, securities and asset management, Chairman Hu Huaibang said during the Lujiazui Forum.

"Our bank would like to be a pioneer in developing the city into a global financial hub," Hu said. "We have mapped out strategies in line with this concept. We will enhance financial innovation and launch more diversified products."

Hu said that BoCom will set up a special department to provide financial services to shipping companies as the city is also expected to be a global shipping center by 2020.

The lender will continue to beef up its strategic cooperation with large Chinese air carriers including China Eastern Airlines and China Southern Airlines, according to Hu.

BoCom earlier this month signed an agreement to offer a credit line of 15 billion yuan (US$2.2 billion) to China Southern Airlines. The two parties will also cooperate in aircraft leasing and financing.


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