INDUSTRIAL & Commercial Bank of China has won the approval to set up a two-billion-yuan (US$266-million) financial leasing company, the bank said yesterday.
The leasing company, registered in Tianjin, will focus on the aviation, shipping and other big equipment leasing business for global and domestic clients, the Beijing-based bank said on its Website yesterday.
"The financial leasing company is an important move in ICBC's path on growing as a universal financial player," the country's biggest bank said.
The bank is the country's biggest aircraft-financing bank and a major financier for the shipping industry. Its rival Bank of China, the country's biggest foreign-exchange bank, has forayed into the financial leasing industry.
BOC in December acquired a 100-percent stake in Singapore Aircraft Leasing Enterprise Pte Ltd for US$965 million in cash.
China encourages more qualified banks to step into the financial leasing business, Cai Esheng, vice chairman of the China Banking Regulatory Commission said in June.
The financial leasing industry has been in China for two decades but is yet to take off.
The country has 12 financial leasing firms at the end of 2006 with a combined net profit of 130 million yuan. The total face assets topped 14.2 billion yuan with debts of 11.2 billion yuan.
China this year revised the rules on financial leasing companies. New firms are required to have a minimum capital of 100 million yuan and with major shareholders from qualified financial players.
关键字:财经新闻
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The leasing company, registered in Tianjin, will focus on the aviation, shipping and other big equipment leasing business for global and domestic clients, the Beijing-based bank said on its Website yesterday.
"The financial leasing company is an important move in ICBC's path on growing as a universal financial player," the country's biggest bank said.
The bank is the country's biggest aircraft-financing bank and a major financier for the shipping industry. Its rival Bank of China, the country's biggest foreign-exchange bank, has forayed into the financial leasing industry.
BOC in December acquired a 100-percent stake in Singapore Aircraft Leasing Enterprise Pte Ltd for US$965 million in cash.
China encourages more qualified banks to step into the financial leasing business, Cai Esheng, vice chairman of the China Banking Regulatory Commission said in June.
The financial leasing industry has been in China for two decades but is yet to take off.
The country has 12 financial leasing firms at the end of 2006 with a combined net profit of 130 million yuan. The total face assets topped 14.2 billion yuan with debts of 11.2 billion yuan.
China this year revised the rules on financial leasing companies. New firms are required to have a minimum capital of 100 million yuan and with major shareholders from qualified financial players.
关键字:财经新闻
生词表:
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