China Bohai Bank Co Ltd will "ride the wind and plough the waves" of China's reform and opening-up, as the country further opens its financial sector to foreign investment, said senior executives of the bank on Thursday.
"Our bank has risen in response to China's reform and opening-up, which has provided a great opportunity for us to import and absorb advanced international experience. Taking on the mission of financial reform and innovation, our bank will serve as an example for the further opening-up of China's financial sector," said Zhao Zhihong, secretary to the board of directors of China Bohai Bank.
The Tianjin-headquartered national joint-stock commercial lender has explored financial innovation since its branch in Tianjin Binhai New Area opened for business in 2006.
It has been continuously developing new financial products ever since, making use of favorable policies spurring the development and opening-up of Tianjin Binhai New Area.
The bank introduced corporate governance and organizational structure models from Standard Chartered Bank (Hong Kong) Ltd, which holds a 19.99 percent stake in the bank.
Drawing on Standard Chartered's experience, China Bohai Bank formed new management regulations and policies, in addition to forming a credit risk management system with three levels of credit approval, and building its operational risk management framework.
Alan Fung, vice-chairman of China Bohai Bank and head of strategic development at Standard Chartered Bank (China) Ltd, said: "We hope to build China Bohai Bank into a modernized Chinese bank with a global vision."
Apart from sharing good practices from the overseas banking industry, Fung has taken part in creating the bank's five-year strategic plans, and promoting the enhancement of its internal control and risk management mechanisms.
"Introducing a vertical and independent risk management model to China Bohai Bank and helping it to build a credit risk management framework is Standard Chartered's most important contribution to the bank," he said.
Xiong Qiyue, banking analyst at the Institute of International Finance at Bank of China Ltd, said, "The foreign banks that are strategic investors of Chinese banks have introduced advanced management skills and experience to their partners, improving their Chinese counterparts' risk management ability, business management models, and high-end business."
Earlier this year, the China Banking and Insurance Regulatory Commission abolished rules that limited foreign investment in domestic banks and financial asset management companies. Previously, the caps on foreign holdings in such financial institutions were 20 percent for a single overseas institution and 25 percent for a group of investors.
The regulatory change is among a series of actions taken to further open China's market.
President Xi Jinping delivered a speech on Tuesday at a gathering celebrating the 40th anniversary of China's reform and opening-up. Experts said the speech exemplified the accomplishments of the past and offered policy continuity in the pursuit of future reform.
"Our bank has risen in response to China's reform and opening-up, which has provided a great opportunity for us to import and absorb advanced international experience. Taking on the mission of financial reform and innovation, our bank will serve as an example for the further opening-up of China's financial sector," said Zhao Zhihong, secretary to the board of directors of China Bohai Bank.
The Tianjin-headquartered national joint-stock commercial lender has explored financial innovation since its branch in Tianjin Binhai New Area opened for business in 2006.
It has been continuously developing new financial products ever since, making use of favorable policies spurring the development and opening-up of Tianjin Binhai New Area.
The bank introduced corporate governance and organizational structure models from Standard Chartered Bank (Hong Kong) Ltd, which holds a 19.99 percent stake in the bank.
Drawing on Standard Chartered's experience, China Bohai Bank formed new management regulations and policies, in addition to forming a credit risk management system with three levels of credit approval, and building its operational risk management framework.
Alan Fung, vice-chairman of China Bohai Bank and head of strategic development at Standard Chartered Bank (China) Ltd, said: "We hope to build China Bohai Bank into a modernized Chinese bank with a global vision."
Apart from sharing good practices from the overseas banking industry, Fung has taken part in creating the bank's five-year strategic plans, and promoting the enhancement of its internal control and risk management mechanisms.
"Introducing a vertical and independent risk management model to China Bohai Bank and helping it to build a credit risk management framework is Standard Chartered's most important contribution to the bank," he said.
Xiong Qiyue, banking analyst at the Institute of International Finance at Bank of China Ltd, said, "The foreign banks that are strategic investors of Chinese banks have introduced advanced management skills and experience to their partners, improving their Chinese counterparts' risk management ability, business management models, and high-end business."
Earlier this year, the China Banking and Insurance Regulatory Commission abolished rules that limited foreign investment in domestic banks and financial asset management companies. Previously, the caps on foreign holdings in such financial institutions were 20 percent for a single overseas institution and 25 percent for a group of investors.
The regulatory change is among a series of actions taken to further open China's market.
President Xi Jinping delivered a speech on Tuesday at a gathering celebrating the 40th anniversary of China's reform and opening-up. Experts said the speech exemplified the accomplishments of the past and offered policy continuity in the pursuit of future reform.
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