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The Bank of Communications, China's first state-controlled joint-stock bank, will encourage foreign investors to buy its shares this year, according to the bank's board of directors.
This is part of the bank's overall plan for further reforms, which aims to improve its joint-stock operation, set up a more rational personnel system and increase overall efficiency, said a member of its board.
Meanwhile, the Shanghai-based bank is set to reduce non-performing assets to less than 15 percent of its total assets, he said.
Last year, the Bank of Communications reported a total profit of 7.182 billion yuan (86.5 million U.S. dollars), a 34 percent rise year on year.
It reported a year-end balance of 472.508 billion yuan (57 million U.S. dollars) in deposits and extended 329.111 billion yuan (39.65 million U.S. dollars) worth of loans. Its bank card, the "Pacific Card", had 25.01 million users by the end of 2001.
(Xinhua News Agency April 28, 2002)
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