Three of China's "Big Four" commercial banks plan to establish a joint online platform in an effort to expand their businesses from the financial sector to other fields.

 

The Agricultural Bank of China (ABC), the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB) are stepping up preparations and discussing details for the establishment of the platform, bank sources said.

 

They revealed that the banks would first explore business opportunities in the education sector but refused to elaborate.

 

As a single bank has limited resources, the ABC, ICBC and CCB have decided to team up to establish an online exchange platform in order to compete with other online companies, sources said.

 

The platform will be open to all commercial banks, Yu Jin, general manager of the e-bank of the ABC, was quoted as saying by China Securities Journal.

 

Three of the "big four" state-owned commercial banks, namely the Bank of China, the ICBC, and the CCB, have all been transformed into joint-stock banks with the first two listed on both the mainland and Hong Kong bourses and the CCB on the Hong Kong stock market.

 

ABC, the last of China's "big four" state-owned lenders to go public, is expected to finish financial restructuring this year in preparation for public listing.

 

(Xinhua News Agency March 14, 2007)