Cross-bank saving service ready to open
25/6/2004 16:54
Clients of eight holdings banks in Shanghai will soon be able to
deposit their savings to their bank accounts at counters of any of the eight
lenders, as the cross-bank over-the-counter saving service will be officially
launched next week, today's Shanghai Morning Post reported.
Clients won't
have to pay any extra commissions for the service. But the bank processing the
service will charge a 2-yuan (24 US cents) fee on the bank where the savings
will go.
Currently, clients can only conduct the saving business at the bank
where they open the accounts.
The eight banks include Minsheng Bank,
Everbright Bank, Shenzhen Development Bank, Citic Industrial Bank, China
Merchants Bank, Guangdong Development and Industrial Bank, with more than 200
outlets across the city.
The Big Four state-owned banks, the Industrial and
Commercial Bank of China, China Agricultural Bank, China Construction Bank and
Bank of China, don't join the service. Outlets of the four account for about 80
percent of the city's total.
Analysts view the cross-bank service an ally of
the in-coming banks to survive the cutthroat competition with the Four Big and
the regional banks in Shanghai. They said outlet network of the eight will see a
big expansion after the alliance.
The three locally based holding banks, Bank
of Shanghai, Shanghai Pudong Development Bank and Bank of Communications don't
join the service.
Jane Chen / Shanghai Daily news
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