China Zheshang Bank focuses on SMEs businesses

China Zheshang Bank Co, one of the three appointed key loan banks by the China Banking Regulatory Commission (CBRC), will list the small- and medium-sized enterprises (SMEs) business as its core operation in the following five years, said deputy president Chen Chunxiang.

As of the end of 2007, Zheshang Bank owned as much as 2,703 SMEs clients with a combined loan up to RMB10.29 billion, accounting for 32% of its lending amount.

The Hangzhou, Zhejiang province-based bank will launch a branch in Xi'an as early as this month to expand out of its headquarters, according to Chen, adding that it plans to open three or four branches nationwide this year.

The bank, established in 2004 and 85.7% controlled by private companies, now operates three branches in Shanghai, Tianjin and Chengdu with nearly 20 outlets on the mainland. It saw a robust increase of 27% year-on-year in 2007 profit to hit RMB 356 million. Its total assets climbed to RMB 57.5 billion at the end of last year.

It also has a listing target in the long run, Chen added, but the timetable has yet to be decided.