BoCom's 2nd rural bank in Zhejiang
By Zhang Fengming |
April 10, 2010, Saturday
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Print Edition
Print Edition
THE Bank of Communications yesterday opened its second rural bank in Zhejiang Province with a registered capital of 150 million yuan (US$22 million) as it expands its presence in the rural sector.
The fifth-biggest bank in China owns 51 percent of the rural bank in Anji in the east China's province.
The bank is heeding the call of the central government to deepen its foothold in rural and less developed areas. The Shanghai-based bank opened its first rural bank in Sichuan Province in September 2008. The bank paid 380 million yuan for 10 percent of Changshu Rural Commercial Bank in 2007.
China seeks to beef up financial strength in rural areas as one of the key steps to support rural economic and social development to achieve a balanced growth between the countryside and urban areas.
China said it wants to raise the number of rural banks by more than tenfold to 1,027 by 2011 in counties in central and western areas, the banking regulator said earlier.
The fifth-biggest bank in China owns 51 percent of the rural bank in Anji in the east China's province.
The bank is heeding the call of the central government to deepen its foothold in rural and less developed areas. The Shanghai-based bank opened its first rural bank in Sichuan Province in September 2008. The bank paid 380 million yuan for 10 percent of Changshu Rural Commercial Bank in 2007.
China seeks to beef up financial strength in rural areas as one of the key steps to support rural economic and social development to achieve a balanced growth between the countryside and urban areas.
China said it wants to raise the number of rural banks by more than tenfold to 1,027 by 2011 in counties in central and western areas, the banking regulator said earlier.
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