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Minsheng to Set Up Branch in East China Province
China Minsheng Banking Corporation has decided to set up a branch in this capital of Fujian Province, said Wei Hongsheng, deputy president of the corporation, Wednesday.
He said the move has been approved by the People's Bank of China (PBOC), China's central bank.
Established in Beijing on January 12, 1996, Minsheng is a national joint-stock commercial bank to focus on aiding non-state- owned industrial and commercial enterprises.
The decision grounds on the province's booming economic development, especially non-state-owned sector which account for 70 percent of the total economic output in Fujian.
With total assets over 50 billion yuan (about US$6 billion), Minsheng earned 500 million yuan of profits last year. So far, it has set up 60 business offices across the country and established surrogate cooperation with 401 counterparts in 69 countries and regions worldwide.
The Fuzhou branch is the tenth branch of Minsheng.
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