ABN AMRO plans to triple revenue on the Chinese mainland in five years after local incorporation, Qiu Zhizhong, vice chairman of ABN AMRO in Asia, said yesterday.

The Dutch bank kicked off operations in Shanghai yesterday as a locally incorporated bank to offer unlimited yuan services to Chinese.

The bank will seek both organic growth and acquisition opportunities, Qiu said.

He also said the Dutch bank's first-quarter revenue on the Chinese mainland was up 60 percent from a year earlier, but declined to give the revenue figures.

The bank will ensure that its China business grows faster than its staff numbers, Qiu said.

ABN AMRO now has 14 outlets and employs more than 1,000 staff on the Chinese mainland. The bank will expand its network to more than 20 outlets by the end of 2008.

The bank's local incorporation - ABN AMRO (China) Co Ltd - has registered capital of four billion yuan (US$526 million). The minimum requirement for the status sits at one billion yuan.

"Our local incorporation marks a new milestone in the bank's 104-year history in this market," said Piero Overmars, ABN AMRO managing board member.

"The new entity provides us with a broader scope for development and will be a powerful impetus to further accelerate our growth in China."

He also said he expects China to be ABN AMRO's biggest market in Asia in five to 10 years. The bank is keen to offer credit cards on China's mainland.

Its rivals like HSBC, Citibank, Standard Chartered Bank and Bank of East Asia have offered yuan services to Chinese since April.