Top Biz News
Household deposits reflect services
(Shanghai Daily)
Updated: 2007-01-27 09:30
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Outstanding value of yuan household deposits topped 2.78 trillion yuan (US$356 billion) at the end of December, 340.8 billion yuan more than the level at the year's beginning, the country's second-biggest lender said yesterday in a statement.
The growth accounted for 59.4 percent of the lender's total deposits.
"The bank strengthened management on services at bank counters to increase efficiency at bank outlets," theBeijing-based bank said.
The bank opened counters especially for high-end clients in 7,367 outlets nationwide.
Domestic banks like ABC are fighting with overseas rivals to grab high-end clients. It is noted that the 20 percent of high-end clients contributed to 80 percent of the bank's profits.
Overseas players like Citigroup, Hongkong andShanghaiBanking Corp and Standard Chartered will be able to offer a full array ofretailyuan services soon.
And they can now take term deposits of more than one million yuan.
ABC is the last of the big four state-owned banks to be reformed, including write-offs, incorporation, foreign investment and listing.
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