Shenzhen-based Ping An Bank plans more reforms

Mid-sized commercial lender Ping An Bank Co Ltd will deepen reforms by developing a system of business units based on different sectors, products and client segments in the next three years.


Headquartered in Shenzhen, Guangdong province, the bank will push forward transformation at branches to provide differentiated services.


The transformation will put the management ability of the bank's head office under great challenges, its President Shao Ping told a news conference on Thursday.


"We'll strive to build strong middle and back office in the next three years to ensure that the transformation of our bank will go smoothly," he said.


"At the same time, we'll launch the 2.0 version of our reform to further improve our abilities in risk control and precision management in vertical markets. You will see a rise in the number of our business units by different sectors, client segments, products and platforms."


He said the bank will also launch a strategy for overseas development this year, seeking to open a branch in Hong Kong and later move onto other markets.


The bank announced on Wednesday its net profit increased 10.42 percent year-on-year in 2015, much higher than the average net profit growth of 2.43 percent for commercial lenders in China.


It is the first listed bank in the mainland to announce financial results for 2015.


Han Xu, general manager of the bank's financial planning department, attributed faster growth to the bank's transformation efforts during the past three years, including the establishment of business units specialized in offering financial services as well as endeavor to develop investment banking, assets management and Internet finance.


The article transsshipment from China Daily