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Xiamen International Bank expects dramatic growth

XIAMEN International Bank expects its onshore business to grow by up to 40 percent this year and will not slow its expansion despite the cooling economy, a senior banker said in Shanghai today.

The bank based in Xiamen, Fujian Province, expects deposits, lending and profits to grow by 35 to 40 percent this year, said Zheng Wei, deputy general manager of the bank, today in Shanghai.

The bank's net profits rose to 400 million yuan (US$58.74 million) in 2008, about 30 percent more than the previous year.

"The financial crisis not only brings challenges but opportunities as well," Zheng told Shanghai Daily today. "We will focus on merger and acquisition financing this year as M&A activities will pick up and authorities gives the go-ahead for credit to such transactions."

The China Banking Regulatory Commission last year approved banks to issue credit to M&A activities for the first time.

"Our bank, unlike the bigger players, is still in its growing stage. That's why we will keep expansion despite the financial crisis," he said.

The bank will add new six to 10 outlets in existing markets such as Beijing and Shanghai this year, Zheng said.


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