Date
13 December 2017
Shanghai banks are eyeing a good opportunity by forging ties with firms operating in the city's free-trade zone. Photo: Bloomberg
Shanghai banks are eyeing a good opportunity by forging ties with firms operating in the city's free-trade zone. Photo: Bloomberg

More than two-thirds of Shanghai banks link up with firms in FTZ

Almost 70 percent of the banks in Shanghai had a business relationship with companies in the Shanghai pilot free-trade zone (FTZ) as of the end of March, the Shanghai Daily reported Tuesday, citing the local banking regulator.

The Shanghai Office of the China Banking Regulatory Commission was quoted as saying that 84 banks in the city, including lenders in the zone, have started doing business with firms registered in the FTZ. 

Ten Chinese banks have branches and 20 overseas lenders have sub-branches in the zone, according to the report.

Lenders in the zone had combined outstanding loans of 65.4 billion yuan (US$10.5 billion) at the end of March, while total assets totaled 120.6 billion yuan. Deposits of local and foreign currencies totaled 92.5 billion yuan.

Shanghai’s outstanding loans rose 9.6 percent in the first quarter over the same period of last year to 4.63 trillion yuan. 

Over 50 percent of new lending was said to be personal loans and loans for manufacturing, leasing and commercial service sectors, totaling 102.7 billion yuan.

– Contact HKEJ at [email protected]

RA/RC

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