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Bank of Communications' deposits hit US$120b
(Xinhua)
Updated: 2005-01-17 15:26
Bank of Communications (BOC), China's fifth biggest lender, posted Monday its
outstanding deposits had hit the one trillion yuan (US$120 billion) mark by the
end of last year, a BOC source said on Monday.
The bank's record deposits, denominated both in local and foreign currencies,
came in at a so-called "negative interest rate" era, when people resorted to
diversified investment channels instead of bank savings alone.
BOC has expanded new business such as banking cards, individual financing and
consumers' loans, while continuing to develop the traditional savings business,
it said in a report.
The bank had secured a 4.3 percent share in the domestic creditcard market by
the end of 2004, a rise from the 4.1 percent recorded a year
earlier.
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