Banks plan Shanghai offices
By Zhang Fengming |
June 24, 2011, Friday
|
Print Edition
Print Edition
CHINA'S major state-owned banks plan to set up second headquarters in Shanghai, which will help the city grow as a global financial center, Shanghai Vice Mayor Tu Guangshao said yesterday.
The Bank of China has already submitted a written proposal for its Shanghai headquarters. The lender's Shanghai headquarters will focus on non-credit services, which will differentiate it from the Beijing headquarters.
Other major state-owned banks are also poised to set up similar offices in Shanghai.
China's big-four banks - the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China and China Construction Bank - are all based in Beijing.
"Shanghai needs support from big-name financial institutions to achieve its goal of becoming a global financial center," Tu told a forum in Shanghai. "Regulators have already reacted positively to the idea, but it still needs to go through the process for approval."
As China's financial market evolves, banks are endeavoring to trim their reliance on loans and diversify income channels.
China has made it a national strategy to create a global financial and shipping center in Shanghai by 2020.
Chinese banks have already set up Shanghai departments for bank cards, capital and asset management.
The AgBank has also set up its fund management affiliate and financial leasing company in the city.
The People's Bank of China, the central bank, set up its Shanghai headquarters in 2005 to better supervise the industry.
The Beijing headquarters of the central bank focuses on drafting policies and decision making while the Shanghai headquarters implements open-market operations, conducts market research, collects financial data and coordinates with other financial agencies like the foreign exchange center.
The Bank of China has already submitted a written proposal for its Shanghai headquarters. The lender's Shanghai headquarters will focus on non-credit services, which will differentiate it from the Beijing headquarters.
Other major state-owned banks are also poised to set up similar offices in Shanghai.
China's big-four banks - the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China and China Construction Bank - are all based in Beijing.
"Shanghai needs support from big-name financial institutions to achieve its goal of becoming a global financial center," Tu told a forum in Shanghai. "Regulators have already reacted positively to the idea, but it still needs to go through the process for approval."
As China's financial market evolves, banks are endeavoring to trim their reliance on loans and diversify income channels.
China has made it a national strategy to create a global financial and shipping center in Shanghai by 2020.
Chinese banks have already set up Shanghai departments for bank cards, capital and asset management.
The AgBank has also set up its fund management affiliate and financial leasing company in the city.
The People's Bank of China, the central bank, set up its Shanghai headquarters in 2005 to better supervise the industry.
The Beijing headquarters of the central bank focuses on drafting policies and decision making while the Shanghai headquarters implements open-market operations, conducts market research, collects financial data and coordinates with other financial agencies like the foreign exchange center.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
