Co-op helps bank grow
By Hu Meidong and Li Dapeng (China Daily)
Updated: 2004-03-29 09:32

A co-operation agreement with American International Group (AIG) marked an important step for Shenzhen-based China Merchants Bank (CMB) to speed up efforts to become an international competitor, said Bank President Ma Weihua.

The bank signed an agreement with AIG earlier this month in Beijing to jointly develop the occupational pension management business in China.

AIG will introduce expertise in occupational pension management to the Chinese bank and provide such services to Chinese enterprises together.

Ma said AIG will also send a panel of experts to work with CMB.

Ma also indicated that becoming an international competitor is an important part of CMB's development strategy, since China's financial market has become a part of the worldwide finance market.

Being confronted with severe challenges not only from foreign banks but also the reform of the four major State banks, CMB always directs its development internationally.

It has built up its own accounting system according to international standards. Now CMB is trying to upgrade its business qualification by working with foreign investors and introducing advanced banking management system and experience.

Ma was one of 53 entrepreneurs who were recognized as a "National Excellent Entrepreneur" in a ceremony marking National Entrepreneur Day held in Fuzhou on March 24.

Ma and other entrepreneurs are also calling for better protection of the legal rights of enterprises and entrepreneurs.

Weng Hengjin, one of the 55 Fujian entrepreneurs who called for "relaxing control of enterprises" 20 years ago, said enterprises need to defend their rights by law. So a new law to protect the rights of enterprises and entrepreneurs should be promulgated by the country as soon as possible.

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