CITIC Ka Wah Bank seeks China branch under CEPA
( 2003-12-11 15:35) (Agencies)
CITIC Ka Wah Bank Ltd. intends to apply to open a branch in China under the
Closer Economic Partnership Arrangement signed between Hong Kong and China, the
Chinese-language Hong Kong Economic Journal reports.
The bank has preliminarily set its mind on opening a branch in Shanghai, the
paper quoted the bank's executive vice president and head of retail banking
Lorainne Lam as saying.
Lam said the bank hopes to focus on developing its loan business in southern
China, while its main operations in the north will be taking in deposits.
CITIC Ka Wah Bank is wholly owned by CITIC International Financial Holdings
Ltd., a Hong Kong-listed unit of the Chinese state-owned financial conglomerate
CITIC, or China International Trust & Investment Corp.
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