(Agencies/chinadaily.com.cn)
Updated: 2007-10-27 18:26

The Agricultural Bank of China said it is planning to expand into private wealth management and investment banking to broaden its sources of income and keep pace with the country's economy.

The bank, which has 25,000 outlets, will introduce a basket of tailor-made products, including financial futures, mutual funds and programs that allow qualified domestic investors to buy stocks abroad, President Xiang Junbo said today at a conference in Beijing.

Agricultural Bank, which holds 12 percent of China's US$4.7 trillion of banking assets, is seeking new business to improve its asset quality.

The government has yet to announce a plan to reorganize the bank after larger rivals received bailouts, sold stakes to foreign strategic investors and prepared for initial share sales.

"As rural income rises among China's villages, it's good for the agricultural bank to be thinking about this strategy," Wu Xiaoling, assistant governor of the People's Bank of China, said after Xiang's speech.