Domestic banks eye overseas expansion
6 March 2007
China Merchants Bank (CMB), China Construction Bank (CCB) and China Minsheng Bank are all eying overseas acquisitions, according to statements from their chairmen, the South China Morning Post reported. CMB is interested in buying banks in Asia, particularly Southeast Asia, while CCB is targeting lenders which already have close relations with its retail and corporate customers. CCB Chairman Guo Shuqing said the bank had established customer networks in the US, Europe, Southeast Asia and Africa. Minsheng, China's first privately held lender, is looking at potential acquisitions in Hong Kong. Overseas expansion is seen as a means of diversifying revenue streams, reducing reliance on the domestic market and gaining international stature.