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Lenders work to resume operations
(China Daily/Xinhua)
Updated: 2008-05-20 15:20 Banks are trying to resume normal operations and provide financial services in quake-affected areas despite huge losses among their local subsidiaries. The Agricultural Bank of China, most of the outlets of which are in rural areas, incurred as much as 8.5 billion yuan ($1.22 billion) in losses, and 324 outlets of the bank's Sichuan branch were seriously damaged, the bank said yesterday. Bank of China (BOC), the country's third largest lender, suffered 160 million yuan in losses due to the quake, the bank officials said. But the lenders and banking regulators have joined nationwide efforts to prevent further losses, assist devastated areas, and restore operations and services. The country's banking watchdog, the China Banking Regulatory Commission (CBRC), has asked local banking supervision bureaus to stabilize financial operations and maintain contact with quake-affected areas. The Industrial and Commercial Bank of China (ICBC), the country's largest commercial bank, set up emergency headquarters at its Sichuan branch to swiftly restore operations and meet basic local financial needs. The bank has resumed operations at 636 outlets, or 98 percent of its Sichuan branch. "For seriously damaged outlets, we have put up tents to provide basic services," ICBC Vice-President Zhang Furong said. Local people have affectionately dubbed these "tent banks", Zhang said. ICBC also allocated 100 automatic teller machines to impacted areas to meet local financial needs. Other large banks, including Bank of China, China Construction Bank and Agricultural Bank of China, have also tried to resume operations in the area and ensure the local availability of cash and basic services. "We also put up tent banks to provide banking services to local people," Zhu Ming, vice-president of BOC, said. To date, 411 outlets - or 90 percent of the bank's Sichuan branch's outlets - have resumed normal services. The banks also urged local branches to report financial rediscount positions and re-refinancing needs quickly to unleash additional quotas. In addition to restoring operations, the banks are also working closely with regulators on more measures to prevent further losses. (For more biz stories, please visit Industries)
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