April Wu

China Market Strategy

July 2, 2014

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Banking News This Week – Jul 2

The top 5 banking news stories in emerging markets this week.

1 – Emerging market banks perform strongly once again

Emerging market banks performed strongly in this year’s Top 1000 when it came to returns on assets (ROAs). Africa was among the regions with the strongest results. It was the only one to have at least five banks with ROAs of more than 5%. >>

2 – Bank of China debuts new Queens branch

Bank of China opened its newest New York branch on June 27 in Flushing, Queens, relocating its Chinatown branch from Manhattan. “The new branch is a big move and a fresh start for Bank of China New York to serve a greater community,” said Wu Shiqiang, president of Bank of China USA. >>

3 – Tencent stepping further into e-finance

The Shenzhen-based company teamed up with five securities firms on Wednesday to offer one-stop financial services online, including setting up securities accounts, customer services and stock exchange services, to its vast base of QQ users. >>

4 – China Merchants Bank plans Luxembourg branch

China Merchants Bank Co Ltd has received permission from the Chinese authorities to set up a branch and a subsidiary in Luxembourg, making it the fourth Chinese bank to have a presence in the Grand Duchy, said Pierre Gramegna, Luxembourg’s minister of finance.>>

5 – China’s banks look to sustainable future

As Chinese banks enter a new era of lower but more sustainable profit growth, they are increasingly eyeing new markets and models to maintain their upward trajectory. >>

 

Also worth reading:
Will Mobile Banking End Branches?
4 Chinese Internet Companies Betting On Mobile Banking
Banks Tapping New Potential in Asia