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China's Huaxia Bank Expands Financing Services
The Dalian Branch of the Huaxia Bank of China (HBC) was given the green light Thursday to act as a financing correspondent bank in northeast China.
This is the HBC's second regional financing agency institution approved by the People's Bank of China after the Shenyang Branch. Vice President of the HBC Liu Haiqin said that by the end of last year, the Bank's total assets had reached 61.3 billion yuan (about US$ 7.9 billion), with 50.01 billion yuan of outstanding deposits and 2.5 billion yuan of profits.
HBC has opened branch offices in 20 major cities throughout the country. HBC's Dalian Branch will be engaged in inter-bank facilities, bond redemption, bond distribution and other financing services in northeast China.
Vice Mayor of Dalian, Xia Deren, revealed that Dalian has been defined as one of the first cities in China to further open its financial and insurance markets. The HBC branch will greatly improve the monetary market system in northeast China.
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