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China : ABC's Small and Micro Business Loan Increment Sets Another Record High in 2012.

It is learned that Agricultural Bank of China Limited (ABC) witnessed the outstanding small and micro business loans of nearly RMB600 billion as at the end of 2012 with a growth of over RMB120 billion, setting another record high. The growth rate was over 25%, significantly higher than the average loan growth rate of ABC. Meanwhile, ABC's oustanding personal business loans were more than RMB308 billion, up RMB60 billion over the previous year and with a growth rate of 24%. Hundreds of thousands individual business and small and micro enterprises were benefited therefrom.

ABC has actively expanded the financing channel for small and micro business through leveraging on its advantages in comprehensive financial service. ABC Financial Leasing Co., Ltd. launched SME-featured products like Bank-Lease Express and Financial Lease Express. Thus, it has supported many business in textile and food sectors in Jiangsu, Zhejiang and Fujian and mineral and hydroelectric SMEs in the central and western region. Its supplier leasing amounted to RMB800 million, which supported more than 200 small and micro businesses. Besides, ABC's rural outlets increased in number and expanded in business scope. Its six rural banks provided high quality services for modern Sannong (agriculture, farmers and rural areas) and small and micro business customers based on local economic conditions. ABC has also issued set bills for SMEs to expand their direct financing channel. In 2012, it has issued "Quality Set Bills for SMEs in Changzhou" and "Set Bills for High-tech SMEs in Suzhou National New & Hi-tech Industrial Development Zone. The latter is the first direct financing project supported by the Ministry of Science and Technology for such business.

ABC has won universal recognition from all circles of society for its support for small and micro business. In 2012, it was granted many awards like "Advanced Financial Institution of Providing Financial Service for Small and Micro Business" by the China Banking Regulatory Commission and "Excellent Institution in Serving Medium-sized and Small Business for 2012" by China Association of Small and Medium Enterprises.

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Publication:Mena Report
Date:Feb 26, 2013
Words:346
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