CITIC Bank to add RMB 15 bln loans

Nov. 20, 2008 (China Knowledge) - China CITIC Bank Co Ltd<601998><998>, the listed banking unit of the mainland's leading conglomerate CITIC Group, announced that it would add RMB 15 billion loans in a bid to further support key industries and enterprises, sources reported.

The newly added loans will be mainly granted to infrastructure projects, such as railway, roadway, airport and power grid construction, affordable and low-rent housing as well as health and education sector. 

The Chinese lender also noted it would enhance its risk management control during the loan-granting process.

Earlier this month, in response to the Chinese government's RMB 4-trllion plan to boost the domestic demand, many banks have added loans by the end of this year. China Development Bank has added RMB 40 billion loans for the rest of the year, while China Construction Bank (CCB)<601939><939>, Agricultural Development Bank of China (ADBC) and Agricultural Bank of China (ABC) added RMB 50 billion, RMB 55 billion and RMB 50 billion, respectively.