Bank of China and Fullerton Financial Holdings ("Fullerton") of Temasek opened the 10th community bank - Qianjiang BOC Fullerton Community Bank- in Qianjiang City, Hubei Province on August 12, 2011. Officials from Bank of China, Fullerton, PBOC Wuhan Branch, CBRC Hubei Branch, CBRC Qianjiang Branch, Qianjiang Financial Service Office, and Qianjiang Administration for Industry & Commerce as well as other related government departments attended the opening ceremony.
Qianjiang BOC Fullerton Community Bank is an independent legal entity, with a registered capital of RMB 40 million, of which 90% (RMB 36 million) is from Bank of China and 10% (RMB 4 million) is from Fullerton. The community bank will support the development of local small-sized enterprises, mini businesses, salaried individuals and farmers by providing a wide range of banking products and services such as deposits, loans and remittance.
According to the officials from Bank of China, the community banks are launched to support the development of small-sized enterprises and mini businesses. It can solve the financial problems in the rural areas and accelerate the integration of the urban and rural areas. In addition, it can facilitate the commercial banks to expand the customer base, adjust the business structure and seize the opportunity of development in the rural areas. As a result, growth can be achieved for both the banking business and the local economy. As a large commercial bank, Bank of China will continue to explore the innovative model to develop the rural finance in a scaling, massive and intensive manner, to ensure the steady progress for the community banks.
Bank of China and Fullerton have opened 10 community banks in Hubei and Shandong since the first one opened in Qichun County, Hubei Province in March, 2011. Up to now, these community banks have expanded more than 6,000 customers, attracted deposits over RMB 250 million, and granted loans over RMB 100 million which are mainly used to support the development of small-sized enterprises, mini businesses as well as agriculture, rural areas and farmers.
With Temasek as a strategic partner, Bank of China aims to introduce Temasek's experience in providing micro-financial services in Indonesia, Malaysia, India, Pakistan, the Middle East and other regions, to further serve small and medium-sized enterprises (SMEs), mini businesses, local individual businesses, as well as the farming and animal-raising households at and under the county level, and develop a commercial model for profitable and sustainable operation of business. Bank of China and Fullerton plan to establish about 20 community banks by the end of 2011, gradually realizing a nationwide expansion in a scaling manner, thus contributing more to the development of rural finance.
Background:
About Fullerton
Fullerton is a 100% owned subsidiary of Singapore's sovereign wealth fund Temasek Holdings. Since its establishment in 2003, Fullerton has developed and implemented a unique financial service business model offering services to SMEs, mini businesses, local individual businesses, and salaried individuals. Over the years, it has built strong expertise for corporate governance, marketing, risk management, operations and IT. Fullerton, as a strategic investor, became a shareholder of Bank of China in August, 2005.
About Qianjiang
Located at the backland of Jianghan Plain, south-central Hubei Province, Qianjiang City has a population of 1 million on an area of 2,004 km2. The city is known as a "Garden on Waterland" for its flat land, sufficient rainfall and mild climate. With high output of grains, cotton and oilseed crops on the ground and rich oil, gas and salt reserves under the ground, the city now becomes the national base of commodity grains, quality cotton, special aquatic products, fast-growing and high-yield plantation, lean-type pigs, integrated agricultural development and export-oriented agriculture. Oil and gas exploration, metallurgical machinery, pharmaceutical chemicals, textile and clothes, and processing of agricultural and sideline products have become pillar industries of the city's economy.
In recent years, Qianjiang City, targeting an industry boosted economy, has achieved excellent performance by improving its economic structure, seeking competitive advantages and cultivating new growth points. In 2010, the city's GDP is RMB 29.067 billion, up 16.2% year-on-year, ranking the 2nd among 17 cities in Hubei Province. Its export-oriented economy has maintained steady and rapid growth since 2003, achieving a total of USD 34.09 million of import/export volume, up 33% year-on-year. The city has over 100 foreign-funded enterprises and 36 enterprises exporting industrial products, among which 9 enterprises have got the import/export trade right, forming a “3 in 1” layout with production bases in the mainland, trading windows in the coastal areas, and marketplaces in the world.
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