Mar. 6, 2007 (China Knowledge) – China Bohai Bank is to embark on a nationwide expansion this year by setting up new branches outside Tianjin, with the first such branch to be set up in Beijing, said chairman Yang Zilin.

The bank also plans to set up six new branches in Tianjin’s Binhai New Area in addition to its headquarters and six existing banks in Tianjin. Yang did not say how much will be invested to set up these new branches.

Yang hinted that the bank would focus both on wholesale and retail banking services as its development strategy, and that as a new bank, wholesale banking services will be the main source of profits in the first few years.

As the first national joint-stock commercial bank to be set up in China since 1996, China Bohai Bank has so far notched up deposits and outstanding loans of RMB 10.5 billion and RMB 8.5 billion respectively, Yang said. Its assets are valued at over RMB 16 billion.