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Spanish Bank Aims To Penetrate Further In China

LA Caixa, the third-biggest bank in Spain, will penetrate further into the China market despite the global financial crisis, president and CEO Juan Maria Nin said in Shanghai over the weekend.

The bank has applied to open an office in Shanghai, Nin told Shanghai Daily. It set up an office in Beijing in 2006.

''The timing is perfect to go deeper into China,'' he said, quoting the country's strong economic growth potential. ''We strongly believe that China will not only shape its own future but also, to a large extent, the future of all of us''

China's gross domestic product grew 6.1 percent in the first quarter.

''The Chinese banking sector is also booming, so we believe that it is a great occasion for us to invest in China,'' Nin added.

The crisis also gave the Spanish bank a strong impetus to tap the China market, he said.


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