Bank of Nanjing plans to expand into Shanghai and eastern provinces |
|
|
|
Published
:
Thu, 18 Oct 2007 06:50
|
SHANGHAI (XFN-ASIA) - The Bank of Nanjing, partially owned by France's BNP Paribas, has filed an application with the government to expand its business into Shanghai, a bank official said.The bank also has plans to push further into the eastern provinces of Jiangsu and Zhejiang, Philippe Aguignier, vice president at the Bank of Nanjing and head of retail banking in China for BNP Paribas, told XFN-Asia on the sidelines of a banking conference here.Aguignier would not say how many branches the expansion plan includes.But he said that the company will focus on its key competitive advantages as part of the expansion, including the corporate and small and medium-sized enterprise loan markets.BNP Paribas hold a 19.2 pct stake in the eastern China bank.Bank of Nanjing said its first half net interest income jumped 39 pct in the first six months of the year from a year earlier to 855.24 mln yuan, as outstanding loans grew to 30.1 bln yuan from 25.51 bln at the end of 2006.In July, the Bank of Nanjing raised 6.71 bln yuan from its initial public offering, selling 630 mln shares at 11.0 yuan per share.The bank's share price during late trading today on the Shanghai Stock Exchange was down 0.50 yuan at 20.03 yuan.(1 usd = 7.51 yuan)randall.jensen@afxasia.com-xfnrj/xfnjanmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
|
|
Print this Story
Aegon China insurance JV wins approval to set up Guangzhou unit 