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Banks donating huge sums, restoring services

By Ding Qi (chinadaily.com.cn)
Updated: 2008-05-14 15:13

China's banking institutions have joined nationwide efforts in helping the quake-hit areas and their local subsidiaries are trying to restore normal operations.

In an emergency notice, the central bank called on its local branches yesterday to work closely with the country's finance and civil affairs departments to guarantee timely allocation of disaster relief funds for the earthquake-hit areas.

The China Banking Regulatory Commission also called an emergency meeting yesterday to arrange relief measures. It asked local banking supervision bureaus to maintain close contact with quake-hit areas and stabilize local financial operations.

China UnionPay, a national bank card network operator, said bank card transactions in Sichuan and Chongqing have not largely been affected thanks to emergency measures by local subsidiaries. The group also donated two million yuan ($285,714) yesterday for emergency aids such as food and drugs in the most heavily hit regions.

Industrial and Commercial Bank of China, the nation's biggest commercial lender, contributed 12 million yuan for quake relief and set up an emergency headquarter at its Sichuan branch trying to restore normal operations in the quake-hit areas and meet local banking needs as soon as possible.

Other large state-owned banks including China Construction Bank, Agricultural Bank of China, and Bank of China, have also donated 20 million yuan, 15 million yuan and 10 million yuan, respectively.

Jiang Chaoliang, board chairman of the Bank of Communications, asked branch principals in the quake-stricken regions to stay and coordinate relief and recovery efforts. Besides donating 12 million yuan to the victims, the bank is also working with relevant departments on more measures to prevent further losses.

CITIC Bank announced that it would exempt all remittance charges for donations via the lender. It is also organizing bank staff to donate money and relief aids.

In addition, the State Development Bank, China Merchants Bank, China Minsheng Banking Corporation, Industrial Bank, Huaxia Bank, Bank of Shanghai, Shanghai Pudong Development Bank, Guangdong Development Bank, HSBC, Bank of East Asia also donated millions of yuan each for disaster relief and reconstruction.