Domestic

China Development Bank opens first overseas branch in HK

(Xinhua)
Updated: 2009-07-30 13:19

The China Development Bank (CDB) opened its first branch outside the Chinese mainland in Hong Kong on Wednesday and will set up offices in Russia and Egypt by the end of the year as part of its global expansion efforts.

"The strategic goal of CDB is to become an international bank," Li Jiping, vice president of CDB, told a press conference after the opening ceremony, adding that opening Hong Kong branch was the first step going global.

He also said that through the Hong Kong platform provided by CDB's Hong Kong branch, enterprises in the Chinese mainland could effectively go out to the international market.

As part of its global expansion push, CDB plans to set up offices in Moscow and Cairo by the end of this year and in Brazil and Venezuela next year, said Li.

The China Development Bank was established in 1994 as a government policy-oriented statutory financial institution pursuant to a special decree issued by the State Council. On December 11, 2008, it was converted into a joint stock banking corporation, jointly owned by China's Ministry of Finance and the Central Huijin Investment Company Limited.