Opportunities await nation's banks, E&Y says

Fundamental changes mean new potential for profit and growth

China's banks can embrace opportunities thrown up by the country's economic fundamentals and prospects for long-term economic growth, London-headquartered Ernst & Young LLP said in a report on Thursday.

"Industrialization, urbanization and information technology all enjoy broad development space and the growth potential will be realized gradually" once the economy restructures and industry upgrades, Geoffrey Choi, the assurance leader of EY Financial Services in Greater China, said. Commercial banks need to change strategically and "build a long-term sustainable growth engine."