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RETAIL BANKING | Cesar Tordesillas, China
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ABC celebrates Jiangsu Branch's over RMB 1 trillion deposits

Agricultural Bank of China's Jiangsu Branch registered deposits of RMB1,025.1 billion in June, accounting for 15.2% of the total deposits of Jiangsu banks.

 

It became the first among Jiangsu banks and ABC branches to get deposits of more than RMB1 trillion. Meanwhile, it had RMB and foreign currency loans of RMB584.9 billion, an increase of RMB47.2 billion over the beginning of this year, accounting for 12.3% of the total loans of Jiangsu banks. It also topped all of its Jiangsu peers in terms of the scale and increase of RMB and foreign currency deposits, savings deposits, public deposits and loans, and intermediary service income, making it the bank with the largest asset size, profoundest customer base and most outlets in Jiangsu.

A celebration was recently held to commemorate Jiangsu Branch's over RMB1 trillion deposit in Nanjing. Plans supporting the development of innovative economy in Jiangsu Province was also held.

Mr. Xiang Junbo, Secretary of the CPC Committee and Chairman of ABC, said ABC would further contribute to Jiangsu's development of an innovative economy by strengthening support for cultivating innovation capability, leading transitional upgrade, optimizing industrial layout, enhancing emerging industries and balancing urban and rural development of Jiangsu.

When ABC Jiangsu Branch was restored in 1979, its deposits was merely only RMB320 million in total. With the economic development, transition and upgrade in Jiangsu, the branch has been witnessing a growth in its deposits. In 1987, the branch had deposits of over RMB10 billion; however, it took only 11 years to grow by ten times; and less than 13 years to further grow to the current RMB1 trillion.

Aiming to build an excellent large listed bank, ABC Jiangsu Branch designs a development strategy in the spirit of "imposing pressure on ourselves to compete with other banks for the first place and contribute to ABC". This strategy focuses on "developing market competitiveness and internal management capability to be the best and building a mainstream urban bank, a leading county bank and the largest and strongest retail bank".

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