Chinese incorporation

South Korea's second largest lender Woori Bank announced yesterday that it set up a Chinese incorporation in Beijing. The bank was the first South Korean lender to be locally incorporated in China since the nation significantly opened its banking industry in December 2006. The local corporation, with a registered capital of 2.4 billion yuan, mainly deals with areas such as retail and wholesale banking, private banking and financial derivatives.

Bank relaunches

PT Bank ICBC Indonesia, of which the Industrial and Commercial Bank of China (ICBC) purchased a 90 percent stake in September, announced a business relaunch ceremony yesterday in the Indonesian capital, Jakarta. It marked ICBC's formal access into the Indonesian market and the enhancement of a more sophisticated network of the ICBC in Southeast Asia.

Beijing office licensed

German PR agency Storymaker GmbH has received a license to open a representative office in Beijing, becoming the first German agency to establish a presence in the Chinese capital. China's PR market had a turnover of 8 billion yuan last year, according to China International Public Relations Association.

MOU signed

American International Group Inc (AIG) yesterday signed a memorandum of understanding with Nanhai district of Foshan, Guangdong Province, to develop a business center in the Guangdong Hi-Tech Service District for Finance Industry.

AIG will move its financial and technological backup business from its subsidiary companies, including AIA , to the Nanhai-based financial industry service district.

Agencies-China Daily

(China Daily 11/14/2007 page14)