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Mainland lender expects strong market growth and aims to double the number of units to 80, targeting underserved farmers and small firmsBOC Fullerton Community Bank plans to double its presence on the mainland by operating 80 rural banks by the end of next year.存倉 It is targeting underserved farmers and small rural companies.The lender, which is owned 90 per cent by Bank of China and 10 per cent by Singapore sovereign wealth fund Temasek’s unit Fullerton, has incorporated 41 rural banks with 12 branches across the country since its inception in 2011.There are 1,000 rural bank outlets on the mainland.“Rural banking will witness strong growth in the next few years,” said Wang Xiaoming, the bank’s chairman. “We are opening up banks at a sweeping pace under standardised procedures like [those] McDonald’s [uses].”The McDonald’s-style procedures include choosing locations, designing services, recruiting employees and assessing performance.The aim was to help the lender expand quickly and achieve better-than-expected earnings in the first year of inception, Wang said.“However, the bank lost steam when rigid standardised rules became hurdles to exploring potential in different markets,” he said.The bank is upgrading management systems to tap into unsatisfied demand, instead of seizing markets from existing players such as the Agricultural Bank of China, Postal Savings Bank of 儲存hina and rural credit co-operatives.In a bid to know more about clients, the bank is encouraging rural branches to hire locals. It also uses modern technologies and devices including computer pads, internet banking and Near Field Communications payment devices.“With the 3G telecommunications signal becoming available in many rural areas, an increasing number of farmers have smartphones. We are trying to promote mobile payments, especially payments [through Near Field],” Wang said.Once the problem of payment is solved, the limited number of outlets would not be an obstacle to the development of deposit and other businesses, he said.With its focus on deposit and lending businesses to small and medium-sized enterprises and farmers in the rural areas, the bank is making a sound profit. Asset quality had been good, with the non-performing loan ratio at about 0.7 per cent and no write-offs, Wang said.Bank of China will reduce its stake in the rural bank by introducing more local partners in the near future.“If we have more local partners who are familiar with local markets and local businessmen, moral risk would be minimised in rural banks,” Wang said.With the law allowing the primary founder of rural banks to hold a stake as low as 15 per cent, BOC was expected to sell the bulk of its shares to local companies to improve corporate governance in the next few years, he said.迷你倉