China's 1st State-owned Financial Holding Company Born

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Last updated at: (Beijing Time) Friday, December 06, 2002

China's 1st State-owned Financial Holding Company Born

China's first state-owned financial holding company, China International Trust and Investment Corporation (CITIC) Holdings, was established Thursday in Beijing.

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China's first state-owned financial holding company, China International Trust and Investment Corporation (CITIC) Holdings, was established Thursday in Beijing.

CITIC Holdings is solely funded by the CITIC Group and is responsible for managing the group's financial business at home and abroad, said Wang Jun, chairman of the CITIC Holdings board ofdirectors.

Wang said CITIC Holdings will provide a comprehensive financial service covering bank management, securities, insurance, trust, asset management, futures, leasing, investment funding, and creditcards.

CITIC Holdings will also install a perfected risk control system, said Wang, and build up a unified financial network to develop and sell their financial products.

Trusted by the CITIC Group, the CITIC Holdings will exercise share-holder's rights in CITIC Group's seven financial companies, including CITIC Bank and CITIC International Financial Holdings in Hong Kong, Wang said.

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