ABC to open branches in New York, London
Published: 29 May 2009 01:53:35 PSTMay. 29, 2009 (China Knowledge) - Agricultural Bank of China (ABC), the last unlisted member of China's Big Four state-owned banks, has begun preparations to open branches in New York and London, Reuters reported. The establishment of the two new branches is part of its plan to build a global, 24-hour trading platform focusing on agricultural commodities, Analysts say the timing is good for ABC, since its competitors, established players such as Goldman Sachs and Morgan Stanley, and new entrants like JP Morgan, are still suffering ill effects from the global financial crisis. The lender plans to open the branches before floating its shares. However, there is still no timetable for an initial public offering. ABC reported an audited net profit of RMB 51.45 billion (US$7.54 billion) for 2008, up 17.5% year on year, according to an earlier report from China Knowledge. Copyright © 2009 www.chinaknowledge.com |
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