Banking

Commonwealth Bank opens first rural branch in China

(Xinhua)
Updated: 2011-02-24 17:10

ZHENGZHOU - The Commonwealth Bank of Australia has opened its first county bank branch in central China's Henan province, a key farming region, to offer lending, deposit and fee-based services to small and medium-sized businesses and business owners, the bank said.

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The branch, in Jiyuan city, has a registered capital of 80 million yuan ($12 million) with the Commonwealth Bank having an 80-percent in the venture and Chinese partner Bank of Hangzhou holding the remainder, said a Commonwealth Bank official Thursday.

The Commonwealth Bank aims to set up eight rural branches in Henan, three of which have been approved by the authorities, the official said.

Henan is a key farming province, but rural financing is relatively weak.

The Commonwealth Bank is Australia's largest bank by market capitalization.