China Construction Bank eyes doubling retail business

China Construction Bank eyes doubling retail business
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First Published: Mon, Mar 05 2007. 02 50 PM IST
Updated: Mon, Mar 05 2007. 02 50 PM IST
REUTERS
BEIJING: China Construction Bank, the country’s third-largest lender, wants retail banking to account for 40-50 percent of its total business within 5 years, up from 20 percent now, Chairman Guo Shuqing said on Monday.
Guo was speaking to reporters on the sidelines of the annual meeting of China’s parliament and its political advisory body.
He said Construction Bank had no plans for now to follow its larger rivals -- Industrial and Commercial Bank of China and Bank of China -- and list its shares in Shanghai in addition to Hong Kong.
“We have no plans on the place or the scope,” Guo said. “Our capital adequacy ratio is still relatively high. That’s to say, we don’t need the money.”
He said CCB’s capital adequacy ratio at the end of 2006 was more than 13 percent.
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First Published: Mon, Mar 05 2007. 02 50 PM IST
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