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Mr. Li Zhenjiang Instructed New York Branch's Operation and Visited Regulators and Clients
From November 13th to 16th, Mr. Li Zhenjiang, Executive Vice President of Agricultural Bank of China, instructed New York Branch’s operation and visited regulators and clients.
Mr. Li listened to the report of the Branch’s operation. According to Mr. Li, the Branch’s business development was on the fast track and internal operation and management was solid in the last three years with 4 following features: First, business grew fast with asset size and profitability improving quickly and effectively. Second, business structure remained sound and sustainable with integration to the local market, forming a “two engines” development pattern. Third, business operation was compliant to local regulations and received “Satisfactory” rating in two consecutive years under the joint inspection of New York Fed and New York State Department of Financial Services. Fourth, professional talents gathered in the Branch and formed outstanding corporate culture.
Mr. Li also noted that the operation of New York Branch should focus on “4 Centers” establishment in the following stage of development. The first is U.S. business development center, spreading into North and South American markets simultaneously. The second is U.S. dollar clearing center, aiming to achieve strategic goals. The third is U.S. dollar financing center, aiming to provide U.S. dollars supply within ABC system. The fourth is ABC overseas training center, aiming to cultivate international high-end talents for ABC by taking advantage of the educational resources in the U.S.
Mr. Li also gave the following instructions. First, the Branch should lay a solid foundation by adhering to highest standards of operation. Second, maintain and make full use of Head Office funding, and express HO’s full support to regulators. Third, follow and research local regulations, in order to accurately guide business development and provide advice to HO. Fourth, study and implement long-term development plan, advancing major tasks.
During his stay, Mr. Li also visited the New York Fed, New York State Department of Financial Services and some clients.
Human Resources Department, Internal Control, Legal and Compliance Department and International Banking Department from Head Office accompanied the visit.