Bank of Nanjing plans to open six to eight branches out of its home city within three years as it eyes a national network, its chairman said yesterday in Shanghai.

The city commercial bank is also considering acquisitions in other banks, Chairman Lin Fu said.

The bank has gained regulatory approval to set up a branch in Wuxi, Jiangsu Province, with an opening planned for September. The bank is also awaiting approval for a Beijing branch, Lin told Shanghai Daily.

"Our cross-city expansion will be focused on the Yangtze River Delta amid the region's economic growth," said Lin. "In the future we may also go from the east to the west."

Bank of Nanjing opened its Shanghai branch yesterday as its first out-of-province branch. The branch has about 80 staff and a full range of products.

Tight monetary policy this year will curb the lending growth of the bank but won't affect profitability as it seeks more income streams from fees, Lin said.

The bank expects a double-digit profit growth this year.

Bank of Nanjing will also seek stakes in smaller rivals, following its 18-percent purchase of Rizhao City Commercial Bank in Shandong Province.

The bank's shares ended at 12.02 yuan (US$1.75) yesterday, down 1.07 percent. The benchmark Shanghai Composite Index inched down 0.11 percent to 2,901.85.

(Shanghai Daily June 27, 2008)