BANKS REAP CNY1BN FEES FROM FUND CUSTODY
AsiaInfo Services, April, 2007
AsiaInfo Services 04-03-2007 Banks Reap CNY1bn Fees from Fund Custody BEIJING, Apr 03, 2007 (SinoCast via COMTEX) -- Twelve commercial banks in China gained custody fees of CNY 1.053 billion in 2006 from 287 funds they kept, respectively rising 31% and 39% in revenue and fund number from a year earlier. The top five banks, the Industrial and Commercial Bank of China, the Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications received CNY 325 million, CNY 215 million, CNY 185 million, CNY 147 million, and CNY 107 million custody fees in turn. They jointly controlled a 93% market share in the fund custody business last year, 3 percentage points higher than that in 2005. Notably, ICBC, as the largest commercial lender in China...
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