Financial Management Service Attracts Multinationals

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Last updated at: (Beijing Time) Saturday, November 23, 2002

Financial Management Service Attracts Multinationals

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A dozen multinationals, including Kodak China, Ltd. and Shanghai Krupp Stainless Co., Ltd., signed separate financial management service contracts with the Industrial and Commercial Bank of China (ICBC) Friday in China's coastal metropolis Shanghai.

The new service, based on settlement and business management systems and developed independently by the ICBC, is aimed at helping institutional customers reduce their management costs and improve the efficiency and yields of their capital.

Kan Shuying, of the ICBC, said financial management will hopefully develop into the third pillar business of the domestic banking industry, taking its place next to debt management and assets management.

In order to attract more important customers like multinationals, Kan said the bank will strive to develop diversified and flexible services designed to meet the needs of each client.

Kan mentioned that several other international banks have initiated financial management services, including Citibank, the Hong Kong and Shanghai Banking Corporation and the Standard Chartered Bank in China.

"Their list of potential clients even includes several large Chinese enterprises," Kan said.

Gerhard Mairhofer, general manager of Shanghai Krupp Stainless,said he considers the ICBC to be quite competitive against the above-mentioned foreign banks.

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