Total bank assets in Shanghai gain 8.4%
Print Edition
The total assets of the banking industry in Shanghai rose 8.4 percent from a year earlier to 9.8 trillion yuan (US$1.6 trillion) at the end of 2013, the local banking regulator said in a statement yesterday.
The China Banking Regulatory Commission Shanghai Office said outstanding bad loans of the lenders in the city totaled 35.8 billion yuan at the end of last year, while the bad loan rate was below China’s average at 0.8 percent.
New lending to small businesses rose 15.1 billion yuan from a year earlier to 109.9 billion yuan in 2013. Meanwhile, small and micro enterprises in Shanghai scored a successful rate of 88 percent in their petty loan applications, according to the statement.
By the end of last year, 22 Chinese and foreign banks have received approval from the regulator to open 25 outlets in the Shanghai pilot free trade zone. Four Chinese banks — the Bank of Communications, Shanghai Pudong Development Bank, China Merchants Bank and Ping An Bank — can do offshore business in the zone.
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