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Bank of Communications Expands Business
The Shanghai-based Bank of Communications, a pioneer of China's financial reforms, plans to expand its presence in the global market as part of its effort to strengthen its presence in the competitive and growing financial market.
The bank, the fifth largest commercial bank in China, will open a new branch in Los Angeles before the end of this year, " China Daily" reports.
"The detailed preparations are running very smoothly and we are now waiting for the US regulators' final approval," said Wu Qiming, director of the bank's information department.
So far, the bank has had six international branches or representative offices in Hong Kong, Tokyo, New York, Singapore, London and Paris.
The bank pledges it will put more energy into the growth of the business in the overseas market, major cities in central and western areas and large enterprises.
The set-up of branches in western areas is also under consideration, said Huang Zuling, general manager of the bank's marketing division.
He said that the bank will give more financial support to the growth of telecommunications, environment and education industries in the central and western part of the country.
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