Agricultural Bank of China President Yang Mingsheng (L) and Shanghai Vice-Mayor Yang Dinghua put giant credit cards into a box in Shanghai Nov. 21, 2006 to mark the moving of the bank's credit card centre to the city from Beijing. (Photo: Chinadaily.com) Photo Gallery >>>

    BEIJING, Nov. 22 -- Agricultural Bank of China (ABC), the country's third-largest lender, announced yesterday that it moved its credit card centre to Shanghai from Beijing to take advantage of the eastern city's more open investment environment.

    ABC, the only one of the country's "Big Four" State-owned banks that has not received a capital injection from the government, has reportedly submitted its revised restructuring plan to the State Council. Its president, Yang Mingsheng, said yesterday the bank has not set a timetable for launching an initial public offering.

    Yang said the relocation to Shanghai was aimed at enhancing the bank's brand value and image as a credible player in the highly competitive personal banking sector.

    The move is also seen as giving Shanghai yet another boost as the nation's premier financial centre and banking hub.

    "Shanghai is building itself as an international financial hub, which will help promote our card internationally," Yang said at the new credit card centre's opening ceremony.

    "The city presents us an international platform and a place with an excellent talent pool and combined information for production, research and development," he added.

    ABC, with total assets amounting to 5.2 trillion yuan (650 billion U.S. dollars), has issued a total of 240 million bank cards -- including credit cards -- worldwide. At the end of the third quarter, the number of cards issued jumped 552 percent from a year earlier and 110 percent from the beginning of 2006. Total revenue from credit card business soared almost seven times compared with a year earlier.