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SMBC to Set Up SIP Branch

On Dec. 11, the date of complete opening of banking business to foreign investment on equal treatment as nationals according to China’s commitment to the entry of WTO, SMBC Suzhou Branch, the only Japanese-funded bank in Suzhou, celebrated its moving into new site and announced that SMBC was to set up its second branch in Suzhou, which will open for business in April next year in SIP. Wang Rong, Member of Standing Committee of CPC Jiangsu Provincial Committee and Secretary of Suzhou Municipal Party Committee, attended the celebration ceremony and, together with Japanese consul general in Shanghai and the president of SMBC, opened the rice wine barrel symbolizing prosperity. Also present at the ceremony were Wang Jinhua, Deputy Secretary of Suzhou Municipal Party Committee and Secretary of SIP Party Working Committee, and Zhou Weiqiang, Member of Municipal Party Committee and Vice-mayor of Suzhou.

In his speech Wang Rong said that foreign banks have helped to invigorate the local economy of Suzhou and promoted the further opening of banking business to the world. Currently, there are over 1,800 Japanese-invested enterprises in Suzhou, and Suzhou has become the most preferred location for investment by Japanese businesses and for the overseas growth of SMBC. Wang hoped that foreign-funded banking institutions would grasp the opportunity of overall opening of banking and further expand their business to provide better financial service for enterprises. He said that the vigorous development of Suzhou external-oriented economy would promote the steady and healthy growth of foreign banks in Suzhou, and that the powerful strength of foreign banks and their internationalized background would in return spur on the economic development of Suzhou.

SMBC is the first foreign bank to have entered Suzhou in 1997. At present SMBC Suzhou Branch is located in Suzhou New District, and its scale is second only to that in Shanghai among SMBC branches in China.

Dec. 12, 2006


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