Key drivers behind Chinese banks going international
Proceedings report from The Asian Banker’s dialogue on "Building the International Presence of Chinese Banks" on key factors affecting the competitiveness of Chinese banks in a global environment. May 10, 2013 | Research* The following is an extract of an important seven-page proceedings report on the factors behind Chinese banks drive to compete internationally. The entire report is available on the Reports Purchase page here. China’s now-strong economy has led to increases in domestic demand as well as international trade. As Chinese enterprises require more sophisticated transactional services with their expansions abroad, it is imperative that their domestic banks keep up the pace with clients, or risk losing them. This has led to an intensely fierce competition among banks to expand offshore. ICBC is now the leading bank in terms of expanding its offshore business and providing services to clients around the world; traditionally, Bank of China was the main bank for foreign trade. Also in the process of building a local presence are some other large scale banks, such as China Construction Bank and Agriculture Bank of China, as well as joint-stock commercial banks, such as China Merchants Bank and China Minsheng Bank. Internationalisation of the renminbi is a prime opportunity for Chinese banks to expand their influence globally. Cross-border renminbi clearing, in addition to settlement and trade finance, will have a major impact in reshaping banks’ competition structures. Nonetheless, solely being a leader in renminbi clearing does not imply that Chinese banks are international and may hinder the move towards being a completely international transaction bank. In line with the strong growth of the Chinese economy, Chinese banks must expand globally. ICBC, for example, has already established four regional cash management centres in Asia Pacific, Europe, America and Africa. To access the entire report with crucial details on: • Key drivers behind Chinese banks going internat... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Customer Centricity, Innovation, Rmb, Technology & Operations, Trade Finance, Transaction BankingChina,Customer Centricity,Innovation,Rmb,technology,Trade Finance,Transaction Banking, China,Customer Centricity,Innovation,Rmb,Technology & Operations,Trade Finance,Transaction Banking, Keywords:ICBC, Rmb Internationalisation, Bank Of China, China Construction Bank, China Merchants Bank, Agricultural Bank Of China, China Minsheng Bank ICBC, Rmb Internationalisation, Bank of China, China Construction Bank, China Merchants Bank, Agricultural Bank of China, China Minsheng Bank
|