Int'l banks move into RMB retail
By Wang Zhenghua (China Daily)Updated: 2006-12-26 08:45
Other players approved in the first group of nine to set up local corporations are also sparing no efforts to roll out new outlets. ABN AMRO and the Bank of East Asia plan to open 30 and 35 new outlets respectively in five years.
Overseas lenders are working to boost other parts of their operation such as product development, service improvement and image building.
Singapore's DBS Bank posted an ad on Kong.net, a WAP portal owned by China wireless value-added service provider Kongzhong, to promote its brand.
Among imminent full-front competition, leaders of domestic lenders pointed to a wider prospect for co-operation in areas such as owner-management mechanisms, risk control, profit-making plans and product and service innovation.
Chen Xin, president of Bank of Shanghai, said yesterday that lenders would compete more fiercely for high-end customers in the relatively developed regions.
In order to best respond: "domestic banks should fully play on their advantages in geography, human resources and network, and enhance management, innovation ability and provide qualified services," Chen said.
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