Bank of China opens branch in London

时间：2007-11-22 06:51:37

（单词翻译:单击）

Nov. 22 - Bnak of China yesterday held an opening ceremony for its new outlet1 in London which provides retail2 services to local individuals and companies.

 

With registered capital of 200 million pounds (US$410.26 million), the new outlet will focus on services, including bank cards and consumption loans, targeting middle-class and high-end locals as well as Chinese people living in London.

 

On the heels of the new launch, a lending center covering the European market will soon be set up in London, said Zhang Yanling, vice3 president of BOC.

 

The second-biggest Chinese lender's expansion is part of the ongoing4 move by major banks to expand internationally.

 

Within just one year, BOC launched a string of new branches and other outlets5 in Indonesia, Vietnam, Canada, Brazil and Russia.

 

As China opens its financial market to overseas investors6, local banks have to face growing competition against their foreign rivals domestically.

 

"Reform in recent years has resulted in improved corporate7 governance and risk control at Chinese banks, enabling them to go out," said Guo Tianyong, a professor of banking8 industry with the Central University of Finance and Economics.

 

Excess liquidity9 and tightening10 monetary11 policy in China also pushed them to seek for new profit sources, he said.

 

BOC now has 669 overseas branches in 28 countries and regions, which contribute 40 percent of its net profits. Industrial and Commercial Bank of China, the world's top lender by market value, has become an international player with more than 100 branches in 13 countries and regions.

 

"Overseas business is of vital importance against the background of globalization," said Zhang Jianguo, president of China Construction Bank, but added that Chinese banks are still "at the preliminary stage."

 

ICBC said it aims to increase the contribution of its overseas business from the current three percent to 10 percent of its total profit.

 

The bank has completed three overseas acquisitions this year and plans to expand its market presence by setting up new overseas branches and merging12 and acquiring "suitable" foreign banks.

 

It obtained stakes of lenders in Macau and South Africa earlier this year. According to its president Yang Kaisheng, the bank is also applying to set up new subsidiaries in New York, Dubai, Doha and Sydney.

 
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1 outlet ZJFxG     
n.出口/路；销路；批发商店；通风口；发泄
参考例句：
  • The outlet of a water pipe was blocked.水管的出水口堵住了。
  • Running is a good outlet for his energy.跑步是他发泄过剩精力的好方法。
2 retail VWoxC     
v./n.零售；adv.以零售价格
参考例句：
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
3 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
4 ongoing 6RvzT     
adj.进行中的，前进的
参考例句：
  • The problem is ongoing.这个问题尚未解决。
  • The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。
5 outlets a899f2669c499f26df428cf3d18a06c3     
n.出口( outlet的名词复数 )；经销店；插座；廉价经销店
参考例句：
  • The dumping of foreign cotton blocked outlets for locally grown cotton. 外国棉花的倾销阻滞了当地生产的棉花的销路。 来自《简明英汉词典》
  • They must find outlets for their products. 他们必须为自己的产品寻找出路。 来自《现代汉英综合大词典》
6 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
7 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
8 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
9 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
10 tightening 19aa014b47fbdfbc013e5abf18b64642     
上紧，固定，紧密
参考例句：
  • Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
  • It needs tightening up a little. 它还需要再收紧些。
11 monetary pEkxb     
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
12 merging 65cc30ed55db36c739ab349d7c58dfe8     
合并（分类）
参考例句：
  • Many companies continued to grow by merging with or buying competing firms. 许多公司通过合并或收买竞争对手的公司而不断扩大。 来自英汉非文学 - 政府文件
  • To sequence by repeated splitting and merging. 用反复分开和合并的方法进行的排序。

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