PING AN BANK EYES NEW BRANCH CREATIONS

THE banking arm of Chinese insurance giant Ping An is not looking for new acquisitions, but intends to grow by setting up branches, local reports suggest. At the end of last week, the banking unit received the go ahead to change its name from Shenzhen Ping An Bank to Ping An Bank. According to a SinoCast report, the bank’s president has said it does not currently have any acquisition plans. It opened a new branch in Hangzhou, capital of east China's Zhejiang Province at the beginning of this week and is scheduled to open a further branch in Guangzhou by the end of March.