Overseas business of the Bank of China (BOC) now accounts for half of the bank's total business, a spokesman said yesterday.

Latest figures from the Bank of China, one of the country's four largest state-owned commercial banks, indicate that the total assets of the bank's overseas operations now reaches US$130 billion, and outstanding loans total US$90 billion.

The figures suggest that the Bank of China has become an international commercial bank, bank officials said.

Liu Mingkang, president of the Bank of China, said the bank has planned to turn into a large international bank within three to five years.

"The bank will further grow into one of the top international banks through mergers and acquisitions within five to 10 years," he said.

Last year, the Bank of China successfully restructured its Hong Kong operations, which are now awaiting listing.

In January, the bank's Singapore branch successfully merged with the Singapore branch of Guangdong Bank, laying a foundation for the overall reform and restructuring of the bank's overseas operations.

The bank today has 560 branches or institutions in 25 countries and regions, employing about 17,000 staff.

Last year, the bank reported a profit of 10.8 billion yuan (US$1.3 billion).

By the end of last year, the ratio of the bank's non-performing loans dropped 4.07 percentage points to 24.17 percent, he said.

(China Daily March 19, 2002)