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| Friday, September 05, 2008 23:36:51 |
ABN AMRO to expand retail business to maintain growth
ABN AMRO Holdings NV plans to maintain double-digit revenue growth in China during the next three to five years by expanding its retail business, The Wall Street Journal reported, citing an executive at the Dutch bank's Chinese operation.
Boosted by the growth in its wealth-management business and an increase in revenue from interest payments, ABN AMRO posted an 80 percent year-to-year gain in its China revenue in the January-July period.
We don't expect to maintain such an amazing expansion forever...but [mild] double-digit growth in the next three to five years is expected," said the paper, quoted Linda Wong, country executive at ABN AMRO in China as saying.
ABN Amro Bank has 12 outlets in mainland China -- three branches, six sub-branches and three representative offices -- and has received the Chinese government's approval to open one branch each in the southwest cities of Chengdu and Chongqing.
Wong said her bank will be keen to develop its retail business after Beijing opens its banking sector to full foreign competition at the end of this year.
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