Banking News
- 3,000 wealth management outlets mulled
Date: 13-Jun-2007 Sources: (Shenzhen Daily)
INDUSTRIAL & Commercial Bank of China, the mainland's top lender, plans to open 3,000 VIP wealth management outlets in the next three years, its chairman said yesterday.
The bank will open about 1,000 wealth management outlets this year at a cost of 1.1 billion yuan (US$144 million), chairman Jiang Jianqing said, adding that the bank had opened several hundred branches in the first quarter.
Yesterday's annual general meeting approved a proposal for 9 billion yuan in fixed-asset investment this year, which includes the cost of the wealth management expansion. It also includes 3.7 billion yuan to upgrade branches and 3.8 billion on IT facilities, Jiang said.
ICBC also plans to add more than 5,000 ATMs to its China network of about 20,000 this year, he said.
ICBC, like all Chinese banks, is expanding its business lines beyond lending to help boost earnings and diversify its revenue stream.
Jiang said the bank would be interested in offering insurance, securities and investment banking if regulations allowed.
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