OREANDA-NEWS. November 12, 2013. China (Shanghai) Pilot Free Trade Zone Branch (FTZ Branch) of Agricultural Bank of China Limited (ABC) was officially approved as one of the first group of financial institutions approved in the Free Trade Zone (FTZ).

As introduced by principals of ABC Shanghai Branch, ABC originally had three subsidiaries within Shanghai Free Trade Zone, namely Waigaoqiao Sub-branch, Waigaoqiao Tax-protected Zone Sub-branch and Harbor Area Office. By the end of June 2013, total deposits of the three reached RMB1.44 billion, involving 1,500 customers from the FTZ. After the FTZ Branch is established, the three institutions will be under its unified management. Meanwhile, they will be optimized in structural layout at an appropriate time, adequately staffed and perfected in services so as to strengthen the financial support for the FTZ.

ABC will promote development of the FTZ Branch as a part of efforts to implement the national strategy. Focused on the core task of system innovation, it will emancipate the mind to seek bonus from reform and innovation and accelerate transformation of business mode in a bid to build a top-grade modern commercial bank.

ABC will also promote development of the FTZ Branch from the perspective of serving economic innovation and transformed development of Shanghai. On August 6 this year, it signed the Agreement on Comprehensive Strategic Cooperation with Shanghai Municipal People's Government. In its implementation, ABC will rely on its quality financial services and solid capital strength to stand up to the challenges and opportunities in interest rate marketization, exchange rate liberalization, Renminbi capital projects and onshore and offshore financial reform. Its objective is to grow into the vanguard for development of Shanghai international financial center and the FTZ.

ABC will promote development of the FTZ Branch by providing quality services for enterprises and customers within the FTZ. By seizing the opportunity of financial reform in the FTZ, it will press ahead with innovation in system, product, process, service and management and improve ability in comprehensive financial services. In this way, it will provide all-round financial services for the developing FTZ and customers within the zone. Making full use of the special financial policies of FTZ, ABC will activate corresponding business authorization, enhance innovation in high-end financial services such as trade finance and financial market business and exert its agglomerate advantage. With the guidance of Shanghai financial regulators, it will make new contribution to the financial reform and innovation in Shanghai.