Bank of China plans to be more aggressive in overseas operations this year, mainly by arranging syndicated loans to help mainland enterprises fund expansion and offer much-needed cash flow to quality overseas companies squeezed by the global credit crunch.
'The global economic slowdown and tightened credit market have pushed earnings from financing to a very good level,' BOC chairman Xiao Gang said yesterday, adding the bank was 'in a very good position to cash in on this situation' by expanding its financing operations overseas.
Mr Xiao was speaking on the sidelines of the bank's launching of its investment management house.
The bank will work with domestic and Asian financial institutions primarily to provide financing.
After going public in the past few years, mainland commercial banks are flush with cash.
However, worries about excessive money supply prompted the central government to last year limit banks' domestic lending.