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China Citic Bank is seventh biggest financial lender in People's Republic of China. It is listed in Hong Kong (SEHK: 0998) and Shanghai (SSE: 601998) stock exchanges.
Brief history
China Citic Bank was established in 1987. It is a fully owned subsidiary of China International Trust and Investment Corporation group. Financial performance of China Citic Bank was distinctly unspectacular- it currently hovers below or just above its initial public offering price.
China Citic Bank has approximately 485 branches scattered all over People's Republic of China. All branches are linked electronically to China Citic Bank headquarters in Beijing.
Products and services
China Citic Bank operates its financial business in three segments: personal banking, corporate banking and treasury operations. Personal banking segment includes consumer credit, credit card services and telephonic banking. Individual internet banking services are also available. Availability of multiple ATMs (Automated Teller Machines) makes China Citic Bank customer friendly.
Corporate banking segment of China Citic Bank includes business oriented services like industry financing, investment banking and corporate financing. Small enterprise financing is also done. Services like cash management and deposits are offered by this bank. Third party depository services for institutional clients are provided along with financing services like financial advisory, bond underwriting, corporate loans, custodian services, investment banking services and asset management services. Services like asset backed securitization, venture capital, corporate annuities, private equity fund, QDII and mutual funds are also available.
Treasury operations segment of China Citic Bank offers a wide range of treasury services and products, including fixed income, derivatives and foreign exchange trading. Risk management services are also provided by this Chinese bank.
Financials
Total revenues of China Citic Bank stood at around RMB 25,252 million on year ending 31st December, 2007. Gross profit was about RMB 25,146 million. Operating income was almost RMB 13,220 million. Net income of China Citic Bank stood at around RMB 8,299 billion.
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