ICBC established Correspondent Relationship with Wujiang Rural Commercial Bank

Recently, ICBC established correspondent relationship with Wujiang Rural Commercial Bank. Until now, ICBC has established a formal correspondent relationship with 39 domestic banking institutions including 3 policy-related banks, 3 state-owned commercial banks, 11 joint-stock banks, 17 city commercial banks, 1 rural commercial bank, 1 rural cooperative bank and 3 rural credit cooperatives.

Wujing Rural Commercial Bank grew out of the Wujiang Rural Credit Cooperative. It has 26 sub-branches, 1 banking department, 1 international business department and 48 business offices after the reform. By the end of 2004, the total assets of Wujiang Rural Commercial Bank is RMB 13.034 billion, total liability is RMB 12.32 billion, net profit is RMB 158 million, and the capital adequacy ratio is 10.46%.