Metrobank Philippines Opens Branch in Changzhou National Hi-Tech District, China
CHANGZHOU, China, Feb. 8, 2012 /PRNewswire-Asia/ -- Metrobank (China) opened its Changzhou branch in Changzhou National Hi-Tech District (CND) on December 28, 2011. As Metrobank (China)'s first branch operating directly under the head office and based outside of its headquarters in Nanjing, the new branch will focus on serving the small- and medium-sized businesses in Changzhou, east China's Jiangsu Province.
Metrobank Philippines, Metrobank (China)'s investor, is one of the largest banking consortiums in Southeast Asia and has over 800 branches worldwide.
Metrobank (China)'s Changzhou branch mainly targets businesses with annual revenues between 30 and 300 million yuan (between US$5 and 50 million) and facilitates their financing needs by providing lower-threshold credit products worth in the range of 5 to10 million yuan (from US$800,000 to US$1.6 million). The strategy behind targeting this group is that the bank branch and its clients will "grow together" as they provide each other mutual benefits.
Metrobank (China) now has under its wing branches in Nanjing and Shanghai, as well as a sub-branch in Shanghai's Pudong District, and is on track to open a new branch in Quanzhou, Fujian province in 2012. The bank plans to set up more branches in the areas surrounding Nanjing, expanding its financial services into the Yangtze River Delta.
Changzhou National Hi-Tech District is located in the Yangtze River Delta, China's most economically developed area. As one of the country's best-known high tech industrial development zones, the district is home to more than 200 companies with annual sales exceeding 100 million yuan, while over 1,000 foreign investors have invested there, including Lanxess, Georg Fischer, Terex, Ashland, Magna Powertrain, V&M, Komatsu and Bridgestone. In addition, the district is in the process of building an area within the district dedicated to finance, Xinlong International Business City, in a move to further upgrade the availability of financial services and improve the business environment. Currently, the People's Bank of China, a branch of China Banking Regulatory Commission, Jiangnan Rural Commercial Bank along with several other important financial institutions have already signed up to establish a presence.
The Publicity Department of Changzhou National High-Tech District, Jiangsu Province 213022
SOURCE Changzhou National Hi-Tech District
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