Posts Tagged ‘china’
Posted on November 3, 2008 - by James
Citi Taps Rural Market in China
Citigroup Inc, the largest US bank, said yesterday that China’s banking watchdog has approved its plan to open two microcredit firms in Hubei province, tapping the nation’s vast rural market.
Citigroup, the first overseas lender allowed to establish such institutions in the country, plans to set up the two firms in Gong’an county and the city of Chibi, which are scheduled to open in the next few months.
The move comes as major rivals including HSBC and Standard Chartered are opening rural outlets in order to expand in the nation’s underdeveloped regions and the government is relaxing controls on private financing to support thousands of small and cash-strapped manufacturers… [click here to read the rest of this article...]
Posted on October 22, 2008 - by lincolnw
China Emphasizes Microcredit Expansion Again
BEIJING, October 21, SinoCast — The People’s Bank of China (PBC), the country’s central bank, has recently encouraged some commercial banks to devote themselves to supporting the microfinance and financing schemes of the domestic SMEs (small and medium enterprises).
Several days ago, Wen Jiabao, premier of the State Council, emphasized that the nation should further improve the microcredit guarantee system, stimulate more financial institutions to microfinance, broaden SMEs’ direct financing channels, as well as finance the technical innovation of SMEs in the fourth quarter of 2008 and even the near future…{click this link to read the rest of this article}
Posted on October 14, 2008 - by lincolnw
Microcredit lenders ermerging in China
Microcredit lenders, once the quaint peripheral players in China’s mammoth financial system, are emerging from the shadows of the State-owned banks as white knights to thousands of small, cash-strapped manufacturers around the nation.
The spate of bankruptcies in the manufacturing sector, particularly in the Pearl River Delta region, has prompted the government to act by selectively relaxing credit controls three times in the past two months…{click here to read the rest of this article}
Posted on August 27, 2008 - by James
China: AIG acquires 18% stake of MicroCred…
AIG BUYS EXCLUSIVE RIGHTS TO MICROCRED MICRO-INSURANCE
CHARLOTTE, N.C.-American International Group Inc. said Tuesday it has acquired 18 percent of MicroCred Nanchong China and the exclusive right to sell micro-insurance to MicroCred clients for two years.
AIG (nyse: AIG - news - people ) Micro Financial Services, a unit dedicated to providing financial services and products to low income individuals and micro entrepreneurs worldwide, is leading the U.S. insurer’s efforts with MicroCred Nanchong China, the New York-based… [click here to read the rest of this article...]
