CCB Gives Full Support to Securities IndustryThe China Construction Bank ( CCB) released November 20 that 100 institutional members of the Shenzhen Stock Exchange have placed the CCB on top of the list of eight banks which provide capital clearing services for securities firms.A spokesman for the CCB said that the recognition of the bank's comprehensive services by stock exchange members means that the bank has made big progress in its cooperation with securities firms. Since the CCB's Shanghai Branch first opened its securities capital clearing business in 1994, 37 CCB branches have signed agreements with more than 120 securities firms to act as capital clearing agents. So far 60 percent of China's securities firms with registered capital of over 500 million yuan (US$60.24 million) have selected the CCB as their agent bank for capital clearing. The CCB's market share in securities capital clearing has exceeded 35 percent. Over the past two years, the bank has cleared more than 3 trillion yuan (US$361 billion) of securities capital, the spokesman said. At the same time, the CCB has actively developed trust businesses for investment funds, and to date the total net asset value of its nine trust funds has reached 15.4 billion yuan (US$1.86 billion). |
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