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Nov. 22 - Bnak of China yesterday held an opening ceremony for its new outlet1 in London which provides retail2 services to local individuals and companies.
With registered capital of 200 million pounds (US$410.26 million), the new outlet will focus on services, including bank cards and consumption loans, targeting middle-class and high-end locals as well as Chinese people living in London. On the heels of the new launch, a lending center covering the European market will soon be set up in London, said Zhang Yanling, vice3 president of BOC. The second-biggest Chinese lender's expansion is part of the ongoing4 move by major banks to expand internationally. Within just one year, BOC launched a string of new branches and other outlets5 in Indonesia, Vietnam, Canada, Brazil and Russia. As China opens its financial market to overseas investors6, local banks have to face growing competition against their foreign rivals domestically. "Reform in recent years has resulted in improved corporate7 governance and risk control at Chinese banks, enabling them to go out," said Guo Tianyong, a professor of banking8 industry with the Central University of Finance and Economics. Excess liquidity9 and tightening10 monetary11 policy in China also pushed them to seek for new profit sources, he said. BOC now has 669 overseas branches in 28 countries and regions, which contribute 40 percent of its net profits. Industrial and Commercial Bank of China, the world's top lender by market value, has become an international player with more than 100 branches in 13 countries and regions. "Overseas business is of vital importance against the background of globalization," said Zhang Jianguo, president of China Construction Bank, but added that Chinese banks are still "at the preliminary stage." ICBC said it aims to increase the contribution of its overseas business from the current three percent to 10 percent of its total profit. The bank has completed three overseas acquisitions this year and plans to expand its market presence by setting up new overseas branches and merging12 and acquiring "suitable" foreign banks. It obtained stakes of lenders in Macau and South Africa earlier this year. According to its president Yang Kaisheng, the bank is also applying to set up new subsidiaries in New York, Dubai, Doha and Sydney.
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