CCB Sees Fast Growth in Loans Secured by Overseas BanksThe China Construction Bank (CCB) has experienced a marked growth in loans secured by overseas banks, a new business it opened in 1999.A spokesman for the CCB said that rapid development has made the business a new growth point in the bank's credit business. He said last year the bank accepted US$1.12 billion of security from overseas banks, under which 8.8 billion yuan in loans was granted in the first three quarters of this year. The bank accepted 1.285 billion yuan of security, granting 9.8 billion yuan in loans. He said the new business has helped the bank develop new markets and promote a mutually beneficial cooperative relationship between the CCB and overseas banks. The new business has also helped develop a number of important clients who are large foreign-funded enterprises or international conglomerates with good credit records. To date, the CCB has authorized lines for security for up to 120 foreign banks in 23 countries, he said. |
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