Chinese and foreign commercial banks now have 30 operating
centers in Shanghai according to latest figures released by the
Shanghai Banking Regulatory Bureau.
The operating centers report directly to the head offices of the
commercial banks. They have independent and specialized operations
and centralized management.
The grouping of these operating centers in Shanghai is an
important part of the city's efforts in the past two years to
become a global financial center. Financial insiders believe it's
an inevitable trend in the development of the financial marketplace
and a strong driving force in the reform of China's commercial
banking systems.
In 2005 the operating centers of Chinese and foreign commercial
banks in Shanghai, taking advantage of their business
specialization and intensification, have become market leaders in
their various financial fields.???
The paper business center of the Industrial and Commercial Bank
of China (ICBC),
which has been in operation for five years, has continuously
maintained a prime spot in the market.?
The capital operation center of the Industrial Bank, set up just
over a year ago, completed the first 'bond forward' transaction in
the inter-bank bond market in June 2005 and the first foreign
currencies trading after such transactions was allowed in May 2005.
The bank's transaction capability and subsequent market prestige
have been enhanced as a result.
Financial insiders say the establishment of these operating
centers is an innovation in the operating techniques of commercial
banks. The centers are recognized as playing a positive role in the
creation of new products and services that are considered
innovative in the world of commercial banking.
Credit card, capital trade and data centers form the largest
part of the business. ICBC, Agricultural Bank of China (ABC),
Bank of China (BOC),
China Construction Bank (CCB)?and
Bank of Communications (BOCOM) have
located the majority of their operating centers in Shanghai.
To add to all this banking activity in Shanghai some joint-stock
commercial banks such as the Industrial
Bank and China Merchants
Bank plan to add new types of services to their already
operational centers, while some?Sino-foreign joint-stock
commercial?banks are keen to set up their own operating
centers in Shanghai.
(China.org.cn by Yuan Fang, February 24, 2006)