Banks offer new services
23/3/2004 16:53
As of April, individual clients of one of eight commercial banks in
Shanghai will be permitted to deposit money free of charge in any branches of
the other seven banks, the Youth Post reported today.
The eight banks
(Shenzhen Development Bank, Citic Industrial Bank, Guangdong Development Bank,
China Merchants Bank, Xingye Bank, China Minsheng Banking Corporation, Huaxia
Bank and China Everbright Bank) have more innovative financial products but much
fewer branches than the nation's four state-owned banks (Industrial and
Commercial Bank of China, Bank of China, China Construction Bank and
Agricultural Bank of China), so they have opted to become more competitive by
offering more convenience to clients, said an industry analyst.
Clients
will be able to deposit money either at bank outlets or through ATMs.
The
new service will lure more clients and fuel the growth of financial products at
the eight banks, the analyst pointed out.
"The four state-owned banks, Bank
of Shanghai and Pudong Development Bank are likely to join us in the near
future," said a spokesman with one of the eight banks.
It is the right time
for domestic banks to join in sharpening their competitive edges because by 2006
the Chinese banking industry will become completely open, said He Liping,
director with Financial Department of Beijing Normal
University.
Wendy Zhang/ Shanghai Daily news
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