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Agricultural Bank of China expands farming finance service

Staff writer |
Agricultural Bank of China will expand its farming finance policy to all of its county branches to better serve rural businesses.

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As China's fourth largest lender by assets, Agricultural Bank launched a special service for rural communities in 2008. It now covers sub-branches in 19 provinces or 72 percent of the bank's county-level outlets.

"A total of 2,089 sub-branches nationwide will be covered by the (policy), Feng Yancheng, general manager of the bank's Rural Personal Credit Division of the farming-related Personal Banking Department, said.

By the end of March, the outstanding loans at the county level of the 20 pilot branches reached 2.35 trillion yuan ($367 billion), up 124 percent before the service was launched. The growth was 27.4 percentage points higher than that of the bank's outstanding loans during the same period.

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