ICBC (ASIA) bad loan ratio reduced to 12% next month

Industrial and commercial Bank of China (Asia) (0349) managing director and CEO Chen Zhiqiang said that the company would team up with ICBC to form a new company to develop Peony Card business. ICBC would invest RMB30mln on relevant soft wares and computer platforms and need not invest lots of capital since ICBC (Asia) takes charges of promotion and sales.

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