Overseas business of the
Bank of
China (BOC) now accounts for half of the bank's total business,
a spokesman said yesterday.
Latest figures from the Bank of China, one of the country's four
largest state-owned commercial banks, indicate that the total
assets of the bank's overseas operations now reaches US$130
billion, and outstanding loans total US$90 billion.
The figures suggest that the Bank of China has become an
international commercial bank, bank officials said.
Liu Mingkang, president of the Bank of China, said the bank has
planned to turn into a large international bank within three to
five years.
"The bank will further grow into one of the top international banks
through mergers and acquisitions within five to 10 years," he
said.
Last year, the Bank of China successfully restructured its Hong
Kong operations, which are now awaiting listing.
In
January, the bank's Singapore branch successfully merged with the
Singapore branch of Guangdong Bank, laying a foundation for the
overall reform and restructuring of the bank's overseas
operations.
The bank today has 560 branches or institutions in 25 countries and
regions, employing about 17,000 staff.
Last year, the bank reported a profit of 10.8 billion yuan (US$1.3
billion).
By
the end of last year, the ratio of the bank's non-performing loans
dropped 4.07 percentage points to 24.17 percent, he said.
(China
Daily March 19, 2002)