CCB hope latest wedding dresses s to set up branches in Brazil, India and Russia
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Top 5 News From ChinaKnowledge.comCisco signs MOU with Shenzhen governmentJPMorgan raises H-share holding in ICBC to 5.03%Commonwealth Bank of Australia cuts stake in China ResourcesHang Seng Index opens 197 points higher on TueSinopec may acquire Canada-based Addax for US$8 blnJun. 9, 2009 (China Knowledge) - China Construction Bank Corp (CCB)<601939><0939>, one of the Big Four state-owned banks in China and the world's second-largest lender by market value, hopes to establish branches in such emerging countries as Brazil, India and Russia, said CCB Chairman Guo Shuqing, Reuters reported.
The next steps for CCB, which just opened its London branch on Jun. 1 and its New York branch on Jun. 5, are to upgrade its representative office in Sydney to a branch and to set up a bank in Ho Chi Minh City, Vietnam.
CCB would relish the opportunity to set up a branch in Taiwan too, said Guo, adding that the Chinese lender is likely to launch about 10 new branches in the global market in the following three years.
CCB recently signed a memorandum of understanding (MOU) with U.S.-based General Electric Company and may agree to provide it with banking and cross-boarder financing services, said the chairman.
However, Guo made it clear that CCB will continue its focus on China and customers that have business relations with China.
Guo said earlier that Chinese banks now have little interest in investing in western banks since they hold doubts about the financial health of western banks and contend that there is little growth potential in developed markets, according to an earlier report from China Knowledge.
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