Xiamen International Bank plans to maintain its expansion in Shanghai despite the economic slowdown, it said yesterday.

It is to add up to three outlets in Shanghai over the next few years, said Zheng Wei, deputy general manager of the bank, in Shanghai. "We plan to add at least two branches and target another to expand business especially to small and medium companies," he said. The bank yesterday opened an outlet in Changning District, its fourth in the city.

It expects its domestic business to grow by 35 percent to 40 percent this year.

"We will make use of merger and acquisition financing as M&A activities will pick up," he said.

The bank was the country's first joint venture bank with a registered capital of 1.1 billion yuan (US$161 million).

The Industrial and Commercial Bank of China, Fujian Investment and Enterprise Holdings Corp, Xiamen C&D Corp, Min Xin Holdings, Asian Development Bank, Japan's Shinsei Bank and Sino Finance Group Co from the United States set up the bank in Fujian Province in 1985.

(Shanghai Daily September 9, 2009)