The Spanish savings bank, La Caixa is to open in Shanghai, said President and Ceo Juan Maria Nin over the weekend.
Despite the global financial crisis, the market in China is packed with potential, with China’s GDP growing at 6.1 per cent in the first quarter.
The savings bank has over 80,000 clients of Chinese nationality in Spain, 70% of all chinese nationals which are resident in Spain.
Spain’s La Caixa has been on an expansion spree ever since it proposed the international strategic plan 2007-2010. La Caixa has offices in London, Paris, Belgium, Milan, Stuttgart, Frankfurt, Porto, Lisbon, Casablanca and Peking. This network of international offices will expand to Delhi, Algeria, Istanbul, Turkey and the United Arab Emirates.
La Caixa owns 9.85 per cent of the Bank of East Asia (BEA), the biggest local independant bank in Hong Kond, through its Criterixa CaixaCorp hoslding.