(30 May 2006 – China) Bank of China is targeting 10 to 12 percent growth in loans to corporates over the next two to three years.The bank has grown corporate lending at less than 10 percent over recent years.
Bank of China said it saw plenty of upside in its property loan business which accounts for almost seven percent of its overall corporate lending – half the industry average.
Bank of China made these comments in an environment where the Chinese government is trying to take the heat out of lending to the country’s booming property market.
Last week Bank of China raised US$9.7 billion in what was the world’s sixth largest initial public offering.
The bank, which is China’s second biggest lender, is also looking to grow its retail lending by about 20 percent.