China Merchants Bank (CMB) was
honored the best bank in China by renowned financial magazine
At a ceremony here, Euromoney Chief Editor Clive Horwood also announced a
list of other financial institutions that had been given Awards For Excellence
2007 in the Asia-Pacific Region.
ICICI won the award of best bank in Asia and India, Citi the best regional
banking group in the Asia-Pacific region and HSBC the best bank in Hong Kong.
According to Euromoney, CMB, the first privately-held bank in China, sets the
operational standards to which other Chinese lenders aspire.
From its early days as a regional bank serving the Pearl River delta region
of southern China, CMB has transformed itself into a national bank and now
boasts a network of more than 400 branches and offices in 30 major cities in
China as well as a presence in Hong Kong.
The bank has correspondent banking relationships with more than 1,000
international banks in more than 80 countries and regions.
In the 2006 fiscal year, CMB reported operating income of 24.87 billion yuan
(about 3.26 billion U.S. dollars), an increase of more than 29 percent over the
previous year. Profit before tax jumped 56 percent over the same period,
translating to a return on average equity of 16.74 percent.
Since 1992, Euromoney has honored the best and brightest of the global
wholesale financial industry. Regarded as the benchmark awards, they are one of
the most coveted prizes of the world's investment banking, asset management and
alternative investment professionals.