China Construction Bank Corporation (CCB) was recently awarded the title of the “Best Emerging Market Banks - Best Bank in China 2007” by Global Finance magazine.

CCB’s spokesperson remarked, “The honour of being the “Best Bank in China” reflects the exemplary business performance of CCB in 2006.  In our effort to realise our goal of becoming a ‘world class commercial bank’, we will strive to further enhance our corporate governance standards, drive for business development and systematically implement our overseas expansion strategies”.

It is understood that the “Best Emerging Market Banks” award, which is selected from amongst 83 countries and regions in the emerging markets, is one of the most significant and influential awards from Global Finance.  The decision is based on inputs from industry analysts, corporate executives, banking consultants as well as members of the Global Finance editorial team.  Their selection criteria included asset quality, earning capability, strategic relationships, customer service and product innovation.

While it is the 14th year for Global Finance to select top banking performers in the emerging markets, it is the second time for CCB to be named “Best Bank in China”.  The assessment report covers Asia, Middle East, Africa, Latin America and Central and Eastern Europe.

“With the expansion of the global finance industry, the emerging markets are gradually drawing worldwide attention”, remarked Joseph D. Giarraputo, President of Global Finance, “We give recognitions to banks which provide quality service to institutions and conscientiously seek potential growth opportunities in a competitive environment.”

Ever since its shareholding reform and listing, CCB has launched a series of innovations and reforms which have yielded exceptional results.  On the one hand, it has continued to refine and improve its corporate governance mechanism, actively introduced branch restructuring and strategic transformation.  On the other hand, it has been endorsing a “customer-focussed” operation concept and optimising its business processes.  With effective risk control as a prerequisite, it has also been accelerating product innovation with its target markets and target customers in mind.  Consequently, CCB has achieved steady rapid growth in all its business areas and marked enhancement of its overall operational capabilities, especially in all areas of businesses in emerging markets.  Unsurprisingly, CCB has been named the “first batch of exchange surrender market-makers in RMB inter-banking foreign exchange settlement “and has been recognised for providing the “best financing solutions for SMEs”.  In 2006, it had underwritten 65.78 billion yuan worth of short term financial bills, representing a growth of 56.24% from the previous year and allowing it to stay at the No. 1 position in the domestic market.  Its business in foreign exchange trading of behalf of clients and foreign exchange settlement and sales had totalled US$1.23 billion, which was a growth of 27.5% from the previous period.  Even with stringent risk control as a priority consideration, its lending to small enterprises grew substantially, recording an increase of 26.43% and indicating to a positive tendency of healthy development.

Other than Global Finance, the exemplary performance of CCB has won recognitions and high esteems from other media, investors and different sectors of the community.  In a ranking published by The Banker magazine of UK in July 2006, CCB was, in terms of tier one capital, ranked first among all Chinese Banks and ranked 11th in the “Top 1,000 World Banks”.  In the ranking published in July 2006 by Yazhou Zhoukan (Asia Weekly), CCB was hailed as the “most profitable bank in Asia” among the “Top 300 Asian Banks”.

Profile of Global Finance:

Global Finance is celebrating its 20th anniversary in 2007.  The Magazine has 50,000 subscribers and over 250,000 readers from 158 countries all over the world.  It covers a wide range of financial and economic issues ranging from direct investments, investor relationship and capital management to risk management.  Its readership includes senior management, senior decision-makers and members of board of directors in big enterprises, and financial officers in multinationals and financial institutions responsible for investments or research on strategic development.