Fujian Industrial Bank renamed
5/3/2003 16:31
Fujian Industrial Bank Co. Ltd., renamed itself the Industrial Bank
Co. Ltd. this Monday, a name in line with its national ambitions, according to
its president Gao Jianping.
Gao was interviewed yesterday by the China
Business Times newspaper.
"With 'Fujian' in the name, we have been long
misunderstood as a small regional bank," Gao said. "The name has marred our
company image."
"But in fact, we have grown into a national bank with 11
branches nationwide and outlets in 80-plus commercial cities across the
country," Gao said.
Business in areas of China other than Fujian Province
accounts for more than three quarters of its total, he added.
Last year,
the Industrial Bank took the lead nationwide by submitting a proposal to China's
central bank to launch a representative office in Taiwan. A decision has not yet
been taken on the proposal.
The Industrial Bank is also keen to attract
overseas strategic investors.
It has been in talks with several possible
foreign investors, which could bear fruit within a few months, Gao
said.
The bank would prefer investors from the Asian pacific area because
of the shared culture and areas of strength.
Gao denied the rumor that
the Industrial Bank would move its headquarters from Fujian to Shanghai, saying
the company never formed a plan to relocate.
But he said the company may
move some business to cities other than Fujian.
The bank's net assets
jumped to 6.5 billion yuan (US$786 million) by the end of last year from 400
million yuan in 1988, when it was founded. The Fujian provincial government owns
34 percent of its shares.
Jane Chen / Shanghai Daily news
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