Shanghai Pudong Development Bank posted profits of Yn1.28bn in 2002, 21 per cent more than in the previous year. The bank, China's second largest publicly-traded lender, has 284 branches nationwide and assets of Yn279bn. Bad loans, amounting to Yn7.7bn, accounted for 4.4 per cent of total advances, down from 8.6 per cent, after the bank […]
Category: Banking & Finance
China Unionpay, set up by a consortium of banks in China to facilitate the introduction of bank cards into the country, has started construction of its banking card information centre, Xinhua reported. The project involves investment of Yn500m and, when completed in 2004, it will be able to process 3,000 transactions per second. The centre […]
Henry Tsang, head of investment banking at Bank of China International in Hong Kong, has left the firm to set up a Hong Kong-based investment company, reported Bloomberg. Tsang, who qualified in the US and has worked for Merrill Lynch, was appointed in June last year by chief executive Li Shan as part of a […]
French financial group Societe Generale is establishing a joint venture fund management company with Fortune Trust & Investment and it soon hopes to launch its first fund, the Financial Times said. Fortune SGAM Fund Management's proposed umbrella-style fund would comprise three sub-funds, one based on equities, one based on bonds and one a balance of […]
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Allianz to set up in Guangzhou
German insurance giant Allianz has begun operating a general insurance business in Guangzhou, South China Morning Post said. The business will provide property and casualty insurance coverage to foreign-invested enterprises, Sino-foreign joint ventures and non-mainland Chinese citizens. Allianz had invested Yn200m to obtain the licence. The group's Asia-Pacific vicepresident said recently that it would invest […]