RETAIL BANKING | Tony Chua, China

Bank of Communications pursues to double profits

Lender to concentrate on low capital and high incomes operations to achieve goal.

Bank of Communications, the mainland's fifth-largest lender by market value, plans to double both assets and profits in the next five years, said Chairman Hu Huaibang.

The bank's total assets are expected to swell from current RMB 3.7 trillion to RMB 7.4 trillion by 2015 and the bank will focus on low capital and high incomes businesses to optimize its structure, Hu added.

During the period from 2011 to 2015, the bank intends to open 400 new branches in China and hire 20,000 employees, and is also considering acquiring commercial and investment banks mainly in Asia.

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