Bank awaits spring with tie-ups

Not content to just sit idly by during the current sluggish stock market environment, China Everbright Bank has allied with other partners to expand its client base and prepare for a recovery.

The Beijing-based bank has tied up with Shenyin and Wanguo Securities and Ctrip.com to launch a co-branded debit card yesterday in Shanghai.

"When the market is down, it's wise to seek more cooperation between banks and securities firms to overcome the chilly weather - when the stock market is down, investors put their money at banks and when the market recovers, the capital can be invested in stocks," said Li Ziqing, deputy president of the bank, yesterday.

"The market is bleak now but with the central government's stimulus package and China's long term economic strength, the capital market is set to recover," he said. "It's like getting fully prepared in the winter and awaiting the coming spring."

The bank is waiting for the situation in the domestic stock market to improve before listing its shares, Li said. The bank was set for a listing this year but with the market shedding two-thirds of its peak from October last year, it's natural to see it delaying its listing.

But Li declined to reveal the date for the bank's listing.