Banking

Jiang Jianqing - Former CEO of ICBC

China's State-owned commercial lenders have made strong progress in promoting renminbi internationalization, with the currency falling 5.6 percent against the US dollar in the past year.

Industrial and Commercial Bank of China Ltd has issued its first renminbi-denominated certificate of deposit, allowing institutions to issue and clear financial products denominated in the Chinese currency in the US.

UBS (China) Ltd, UBS AG's locally incorporated and wholly foreign-owned bank, has announced the opening of its Shanghai branch, which will focus on wealth preservation and succession planning services.

The branch is located in the Xintiandi neighborhood, home to a community of high-net-worth and ultra-high-net-worth individuals.

Amy Lo, head of UBS wealth management for China, said there has been a shift in customer demand in the past few years, with more focus now on family needs.

Ma Mingzhe, the CEO and Chairman of China Ping An Group.

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.

A sub-branch of Citibank in Beijing has closed its doors, according to bank sources on Thursday.

The sub-branch in Wangjing residential area in northeastern Beijing was closed, "out of consideration of Citibank's development plan and as a result of its network adjustment and improvement," said an unnamed manager with the group.