Bank gets overseas exposure

A NEW joint venture bank was established in Ningbo, Zhejiang province last Thursday.

The Zhejiang Commercial Bank is the first of its kind in the province, the China Daily reported.

Its establishment marks a new step towards the international market by the province's financial sector. The bank will be managed in line with international practices.

It has set up business relations with dozens of overseas financial institutions.

During four months' trial operation, it has borrowed US$30 million in foreign currency.