Slower rise in overseas banks' revenue
By Zhang Fengming |
April 20, 2011, Wednesday
|
Print Edition
Print Edition
OVERSEAS banks in Shanghai expect a slower revenue growth this year amid the Chinese government's tightening policy, the Shanghai bureau of the China Banking Regulatory Commission said in a statement yesterday.
Meanwhile, HSBC, Standard Chartered and Bank of East Asia will quicken their plans to list in Shanghai, the local banking regulator said yesterday. The international board at the Shanghai Stock Exchange may be launched this year as part of the city's goals to be a global financial hub to attract well-known financial institutions and professionals.
Overseas banks in Shanghai predict revenue to expand 21 percent for 2011, down from a target of 38 percent growth for 2010.
They also expect a 24 percent growth in deposits this year, while they target loan to rise 17 percent. Their total assets are forecast to climb by 20 percent.
"The projections showed that overseas banks are cautiously optimistic about their growth amid macro-tightening measures in 2011," the local banking regulator said.
But in a signal of increasing confidence the overseas banks will accelerate their network expansion in China to cement their long-term growth. They plan to add 147 outlets this year, a rise of 42 branches from a year ago.
Singapore-based DBS said last week that it plans to double its staff strength in China this year to more than 2,000 and to open eight outlets. Southeast Asia's biggest bank said its 2010 China revenue more than doubled to 260 million yuan (US$40 million).
Twenty-one big-name banks, including Citibank and HSBC, Standard Chartered and Bank of East Asia, have been locally incorporated since early 2007.
Meanwhile, HSBC, Standard Chartered and Bank of East Asia will quicken their plans to list in Shanghai, the local banking regulator said yesterday. The international board at the Shanghai Stock Exchange may be launched this year as part of the city's goals to be a global financial hub to attract well-known financial institutions and professionals.
Overseas banks in Shanghai predict revenue to expand 21 percent for 2011, down from a target of 38 percent growth for 2010.
They also expect a 24 percent growth in deposits this year, while they target loan to rise 17 percent. Their total assets are forecast to climb by 20 percent.
"The projections showed that overseas banks are cautiously optimistic about their growth amid macro-tightening measures in 2011," the local banking regulator said.
But in a signal of increasing confidence the overseas banks will accelerate their network expansion in China to cement their long-term growth. They plan to add 147 outlets this year, a rise of 42 branches from a year ago.
Singapore-based DBS said last week that it plans to double its staff strength in China this year to more than 2,000 and to open eight outlets. Southeast Asia's biggest bank said its 2010 China revenue more than doubled to 260 million yuan (US$40 million).
Twenty-one big-name banks, including Citibank and HSBC, Standard Chartered and Bank of East Asia, have been locally incorporated since early 2007.
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