NANYANG Commercial Bank plans to at least double its network on the Chinese mainland in two years, after it opened its local incorporation yesterday to fully tap the mainland market.
The bank said in Shanghai yesterday it would offer unlimited yuan services.
The Hong Kong-based bank gained the approval to set up the local incorporation with a registered capital of 2.5 billion yuan (US$341 million) from the China Banking Regulatory Commission on December 4.
The local incorporation was set up on December 14.
Nanyang Commercial Bank has six branches and one sub-branch on the Chinese mainland in cities of Shanghai, Beijing, Shenzhen, Guangzhou, Dalian and Haikou.
"Network expansion is a key part of the local incorporation's business development," a bank spokesman said. He said the bank would first focus on major cities in the Pearl River Delta, Yangtze River Delta and coastal areas in the geographic expansion.
It will also seek opportunities to open outlets in other areas. The bank will focus on personal financial products and services on retail banking business.
The bank's corporate client targets include Hong Kong companies and overseas companies. Nanyang Commercial Bank is a fully owned subsidiary of Bank of China (Hong Kong). The NCB (China) will develop a comprehensive banking business, including retail yuan services on the mainland.
BOC (HK) and Chiyu Banking Corp, another subsidiary of BOC (HK), will maintain their foreign funded bank status and focus on wholesale corporate banking and foreign exchange business.