SDB to launch int'l online banking service

Sep. 9, 2008 (China Knowledge) - Shenzhen Development Bank Co (SDB)<000001>, the first Chinese bank to receive significant foreign investment, has launched international online banking services nationwide.

SDB's international online banking system has taken into consideration of characteristics of the international trade settlement and provides trading companies with five categories of financial services, including credit letter issuing, settlement and sale of foreign exchange, remittance, online enquiry and real-time notification.

Due to the intensive competition in the domestic banking sector, online banking has become an inevitable trend in China. According to a relevant research report, China's online banking clients has been growing at a rate of over 90% for four consecutive years with an annual transaction volume of about RMB 95 trillion.

In the first half of this year, SDB's net profit jumped 91% to RMB 2.14 billion from RMB 1.12 billion in the same period last year, according to the bank's interim report.