| Monday, November 12, 2001, updated at 14:31(GMT+8) |
Guangzhou Commercial Optimistic about Future |
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Although many players in China's domestic banking sector have expressed concern over the challenges brought by the country's entry into the World Trade Organization, one senior banking executive is pinning high hopes on the entry and envisioning even more promising business prospects.
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Although many players in China's domestic banking sector have expressed concern over the challenges brought by the country's entry into the World Trade Organization, one senior banking executive is pinning high hopes on the entry and envisioning even more promising business prospects, according to today's China Daily.
Yao Jianjun, general manager of Guangzhou Commercial Bank, said his bank looks forward to the unprecedented business opportunities China's WTO entry will bring and welcomes the arrival of foreign-invested banks.
Founded in 1996, Guangzhou Commercial Bank is a State-holding, joint-stock commercial bank.
"As a regional bank, Guangzhou Commercial Bank has witnessed rapid development in the past few years," Yao said. "The excellent performance of our bank has fortified our position in Guangzhou in the competitive banking market."
"That will make it easier for us to forge win-win co-operative ties with international banking giants when they set foot on Guangzhou in the subsequent few years."
The bank boasts assets worth more than 27 billion yuan (US$3.25 billion) and capital of more than 2 billion yuan (US$240 million), official statistics indicate.
Balance of deposits reached 21.6 billion yuan (US$2.6 billion) by late September, and balance of credits topped 9.88 billion yuan (US$1.19 billion).
The general manager said Guangzhou Commercial Bank can also learn from the management and business operation mechanisms of foreign banks when they set up facilities in the provincial capital.
And the bank is well prepared to wrestle with the challenge of increased competition, he said.
He said the bank has been making preparations to set up a modern corporate system. Enditem
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