Business Development Bank looks to expand trade finance, supply chain finance and accounts receivable financing operations
It is something new for the domestic banking industry. It is a wholly foreign-invested bank with Thai and German interests, but it is headquartered in China and focuses on Chinese enterprises. It remains solely committe to local small- and mid-sized enterprises (SMEs), a sector that the government has been unable to persuade most Chinese banks to enter for years. "We are unique. Maybe we are a different animal," says Michael Askew, president of Business Development Bank (BDB). "We feel we don't have any competition, and there are no other significant participants financing this." BDB is continually becoming a more attractive bank. This month it prepared an application to the CBRC asking for capital increases and expansion of its domestic currency business.
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