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Friday, July 07, 2000, updated at 14:33(GMT+8) | |||||||||||||
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Cooperation in Banking, Securities and Insurance on New High in ShanghaiA new tide for cooperation of banking, Securities and Insurance is surging high in Shanghai, the biggest financial city in China.Shanghai-based Communication Bank took the lead by signing an agreement of full cooperation with Bank of China in March this year. Afterwards, with Shanghai Pudong Development Bank at the head, Bank of China, Industrial and Commercial Bank, Communication Bank and HK East Asia Bank Shanghai branch joined hands to provide Shanghai Xu Dianzi Glass Co. with a loan of 0.3 billion yuan. Mingsheng Bank Shanghai branch followed suit by signing an agreement with the three foreign banks of Japan Sanwa Bank, Swiss Credit First Boston Bank and HK East Asia Bank Shanghai branch to grant them an inter-bank loans of 0.3 billion yuan. Everbright Bank Shanghai branch also signed agreements on authorized security, RMB borrowing, project finance, settlements and electronic finance with East Asia Bank Shanghai branch. The successes in cooperation between banks, particularly between Chinese and foreign banks by complementing one another with their own superiority have dispersed risks of all parties in cooperation and achieved high return at a relatively smaller cost. Shanghai Pudong Development Bank has been approved to launch the business of stock mortgage loan. Shanghai Bank and Fujian Xingye Bank are applying to the People's Bank Shanghai Branch for doing the same business. In regard of the cooperation between banking and insurance industries, various commercial banks have signed insurance agreements paired with housing mortgage loans. An agreement of cooperation has also been signed between the Agricultural Bank, Industrial and Commercial Bank Shanghai Branch with Ping'an Insurance Co. Shanghai Branch on mortgage loan business for the "exchange of insurance policy for loan". The participation of insurance industry into securities market is constantly deepening. With the permission of insurance funds to buy securities investment funds and a small proportion of insurance funds to enter directly into the stock market recently approved by China Insurance Supervisory Committee, the funds input ratio of China Pacific Insurance Co. Shanghai Branch has been raised from 5% to 15%. Ping'an Insurance Co. also offered its investment-linked insurance in connexion with securities market. With the possible presentation of open-type funds, the cooperation among industries of insurance, securities and banking business will be further accelerated.
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