ICBC posts fastest growth in yuan lending

By Zhang Fengming | January 20, 2009, Tuesday |

Print Edition

THE Industrial and Commercial Bank of China said yesterday its yuan lending rose 14.2 percent last year, the fastest pace of growth among its peers.

The Beijing-based bank lent a total of 530 billion yuan (US$77.5 billion) last year, a jump of 166 billion yuan from a year ago which was the biggest increase in new credit and was a record for the bank, it said yesterday in a statement.

The bank said it is heeding the government's call to support enterprises to weather the economic downturn and to curb credit to high-consumption and high-pollution industries.

The bank is also targeting small and medium-sized enterprises and individual clients and to this end it has lent a combined 253.2 billion yuan to these groups, accounting for 48 percent of its total new yuan lending. The bank plans to increase lending to small businesses by at least 15 percent in three years, it said earlier.

The bank is also aiming for a slice of the growing Chinese wealth management market with its establishment of 100 wealth management centers at the end of last year.

Finance

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ICBC posts fastest growth in yuan lending

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