ABN Amro Bank of the Netherlands is to open its fifth branch in
China on Thursday in the southwestern municipality of
Chongqing.
According to the municipal banking regulatory commission, the
branch will offer private and corporate wealth management services
for high-end clients and small and medium-sized businesses.
The bank has set up four branches in Beijing, Shanghai, Shenzhen
and Chengdu, and has representative offices in Guangzhou, Wuhan and
Tianjin.
Over the past month, HSBC opened a branch in Xi'an, while the
Hang Seng Bank received approval to open a branch in Chengdu and
the Bank of East Asia (Hong Kong) was given the go-ahead for a
Shenyang branch.
Overseas-funded banks have strived to expand their presence in
central, western and northeastern China since new regulations took
effect on Dec. 11 last year, allowing them to conduct RMB business
for Chinese citizens.
Under the regulation, the government promised preferential
policies to foreign-funded banks that opened in relatively
underdeveloped areas.
The measure would help the government's western development
strategy, said Wang Jiefeng, a senior manager with the ABN Amro
China.
The government has strengthened efforts to boost development of
its central, western and northeastern areas, providing more
investment, preferential tax rates and flexible policies.
(Xinhua News Agency January 18, 2007)