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CCB Opens Branch in Johannesburg
China Construction Bank (CCB) opened a branch in Johannesburg, capital of South Africa, on February 16, 2001 upon the approval of China's central bank and the local authority.
It's learned that the Johannesburg Branch of CCB will actively participate in various business activities in the foreign exchange market after it is granted a foreign exchange business license.
CCB has so far set up four branches abroad, respectively in Hong Kong, Singapore, Frankfurt and Johannesburg, and representative offices in London, New York, Seoul and Tokyo.
CCB, as one of the four largest commercial banks of China, has 27,000 branches with a staff of 420,000 people in China and a total asset of 2, 527 billion yuan (about US$304.5 billion). Its profit in 2000 amounted to 8.4 billion yuan (about US$1 billion).
Besides, the CCB is leading the other banks of China on mid- and long-term loans, individual banking business, real estate financial services, etc., boasting a large number of clients and a huge market share. It was listed in the July 2000 issue of British "Bankers" magazine as the 32nd among the 1,000 largest banks in the world.
It's introduced by the person in charge of the CCB that South Africa, the most developed country in Africa, has advanced infrastructure of transportation, electricity, communication, etc., well-developed ocean traffic, good ports and world-leading mining industry; the greater part of foreign trade of the southern African countries is carried out via South Africa.
Apart from this, China has seen a fast growth of economic cooperation and continuous rise of bilateral trade with South Africa.
All these conditions have thus laid a solid foundation and provided CCB with vast spaces for it to develop its business.
By PD Online Staff Deng Gang
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