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Industrial Bank Shanghai Pilot Free Trade Zone Branch Opened Officially

Industrial Bank (IB) Shanghai Pilot Free Trade Zone Branch was opened officially on January 8.

IB Shanghai Pilot Free Trade Zone Branch is subject to the administration of IB Shanghai Branch. It is positioned as an open and innovative branch. Within the policy framework, IB will give greater power to the branch in terms of product R&D, product pricing, and interest rate and exchange rate pricing, which is different from other common business units. In this way, the branch can get fully involved in various financial reforms of the pilot free trade zone such as RMB capital account convertibility and market-oriented interest rate, and fully take advantage of the “bonus” brought by the policies.

Together with the IB Shanghai Branch Pilot Free Trade Zone Sub-branch, which was opened in October 2014, IB has completed its setup in Shanghai Pilot Free Trade Zone, fully launching businesses. The bank will, as indicated by the person-in-charge of IB Shanghai Branch, take full advantage of the preferential policies in the zone and bring into full play its own distinctive advantages in the area of finance, with a view to building the pilot free trade zone branch into a bridge tower for long-term development in the future.

It is reported that the first cross-border loan under the collaboration of IB Shanghai Branch and IB Hong Kong Branch was granted successfully last year, which brought the low-cost financing worth RMB 50 million for the borrower. The linked model between domestic and oversea institutions was first tried in the free trade zone business, building a good foundation for the development of other similar businesses. In the future it may become a highlight of the bank’s financial services in the free trade zone.

On December 12, 2014, the State Council added another three free trade zones in Fujian, Guangdong and Tianjin, and the forerunner experience and demonstrative effect of Shanghai Free Trade Zone will no doubt radiate to surrounding areas and heat up the Yangtze River Delta. As indicated by the above person-in-charge of IB, the branch will follow the great tide of building free trade zones, summarize the successful experience accumulated by its branch and sub-branch in Shanghai Free Trade Zone, and further bring into play its innovation power and amplify their business achievements, so as to make financial contribution for China to further opening up and build a broader stage for its own business transformation and development.