Monday, March 10, 2008

Bank of Ningbo speeds up domestic expansion

Shenzhen-listed Bank of Ningbo<002142> is planning to set up four or five outlets in the Yangtze River Delta region this year to expand out of its headquarters, said Jiang Wei, deputy president of Shanghai branch.

Jiang said the bank has received regulatory approval to open a branch in Hangzhou, with the plan on the set-up of its Nanjiang branch. Facilitating with its expansion, it is also targeting to extend its presence in Suzhou, Wuxi, Wenzhou.

The city commercial bank in nearby Zhejiang province is less affected by this year's tight monetary policy as it focuses on small-and medium-sized enterprises (SMEs) business, thanks to regulators’ support, according to Jiang.

In the headquarters of Ningbo, SME clients accounted for up to 94% of the bank's corporate clients, with the loan volume accounting for 92.9% of its total.

In addition, the bank will shift its credit card, capital operation, risk control and wealth management centers for the retail business to Shanghai this year, Jiang added.

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