ABC expects breakthrough - ResearchInChina
Date:2008-04-17
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THE Agricultural Bank of China is expected to make a breakthrough in reforming its shareholding structure this year, Xiang Junbo, president of the bank, said yesterday during a launch ceremony of a fund management firm in which it has the controlling stake.
"The shareholding reform of our bank has been progressing smoothly. Our institutional mechanism is undergoing a deep reform and we are adjusting our business strategy effectively with an improved operational performance," said Xiang.
The goal of the reform is to create a modern and comprehensive bank that focuses on agriculture, rural areas and farmers while integrating itself into urban areas and the global financial markets, Xiang added. But he declined to elaborate on the reform time table or the date of its completion.
ABC is the only big four bank which has not finished the shareholding restructuring.
The creation of ABC-CA Fund Management Co Ltd was a strategic move by the bank, said Xiang.
ABC holds 51.67 percent of the Shanghai-based fund firm, with a registered capital of more than 200 million yuan (US$28.5 million). Paris-based Credit Agricole Asset Management and Aluminum Corp of China Ltd are the other partners in the venture.
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