The chairman of one of China’s biggest state lenders has called on the country’s financial sector to speed up its expansion overseas in a strong sign that Beijing is considering allowing banks to resume offshore mergers and acquisitions.
Xiao Gang, of the Bank of China, said in an essay published on Thursday that the post-financial crisis environment provided excellent opportunities for expansion, calling this an “inevitable trend”.
“The financial institutions devastated by the global crisis still need time to recover,” Mr Xiao wrote. “[Chinese] banks that have the ability should hasten their pace in ‘going abroad’ and increase their international competitiveness.”
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