France-based Calyon expects its Chinese mainland business to grow by double digit as the Chinese economy continues to expand, a senior banker said yesterday in Shanghai.

The bank expects double-digit increase in revenue and profit based on China's stable economic growth, said Alain Massiera, deputy chief executive officer of Calyon, yesterday.

Calyon, a subsidiary of Credit Agricole Cib, was recently incorporated with a registered capital of 3 billion yuan (US$439 million) in Shanghai. The locally incorporated Calyon (China) Ltd will expand in corporate banking, structured and leveraged finance, export finance and syndication and capital markets.

Corporate banking, which doesn't require a vast network, is a big profit contributor to overseas banks in China.

The French bank has a branch in Shanghai, Beijing, Tianjin, Xiamen and Guangzhou and one representative office in Shenzhen.

The Chinese mainland, Taiwan and Hong Kong account for 40 percent of the bank's business in Asia.

(Shanghai Daily September 10, 2009)