Chinese Bank to Increase Consumer Loans

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Last updated at: (Beijing Time) Tuesday, March 19, 2002

Chinese Bank to Increase Consumer Loans

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The Industrial and Commercial Bank of China (ICBC) announced here Tuesday that it plans to increase consumer loans by 10 billion yuan this year in a bid to support the State policy of expanding domestic demand.

A spokesman for the bank said that loans for buying motor vehicles have been listed as this year's key point for developing consumer loan businesses.

He said that to step up the development of the market for consumer loans, the ICBC will continue to improve its related institutional building, establish centers for individual loans in large branches and organize a team of specialized managers for individual clients.

The ICBC's individual consumer loan business has been developing quickly since it launched the first individual consumer loan project in 1995. By 2001, the bank had granted individual loans of 48.761 billion yuan, with outstanding loans of 23.846 billion yuan at the end of the year.

The ICBC has established a series of consumer loan businesses including motor vehicle loans, individual durable goods loans, mortgages, comprehensive consumer loans and tourism loans.

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