皇冠体育app

Money

BOC, Temasek JV to open branches in 皇冠体育app -source

(Agencies)
Updated: 2010-10-20 14:15

Bank of 皇冠体育app and Temasek's banking tie-up will open its first two branches in 皇冠体育app in January, boding well for the Singapore state investor to tap strong potential in 皇冠体育app's rural areas, Reuters reported on Wednesday, citing a source close to the situation.

The joint venture, which now has 100 staff, would raise its headcount to 14,000 in the longer term as it plans to establish a 400-branch network across 皇冠体育app over the next few years, the source said.

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"The opening is consistent with the Chinese government's policy, which is to allow foreign firms to offer banking services in rural areas," said the source.

The venture, which will target village banking, has received licenses from mainland authorities to open 30-50 branches in several provinces including Hubei and Jiangsu. The first two will be located in Hubei, said the source, who asked for anonymity due to the sensitive nature of the matter.

A Temasek spokesman declined to comment.

Village banks are rural financial institutions that are licensed to collect deposits and provide small loans.