Allied Commercial Bank

Allied Commercial Bank

Allied commercial bank, established in October 1993, is a wholly foreign-owned bank in Xiamen City, Fujian Province approved by the head office of the people's Bank of China.

Establishment of the bank

It is controlled by Allied Banking Corp, a unit of the Chen Yongzhi consortium in the Philippines. Xinlian Commercial Bank Chongqing Branch was established in October 2003. It has a small scale of development in China, with branches in Xiamen and Chongqing.

Main business

To handle RMB deposit, loan and settlement; to handle bill discount; to issue financial bonds as an agent; to issue, honor and sell government bonds as an agent; to collect and pay money as an agent and to handle insurance business as an agent; to handle foreign exchange deposit; foreign exchange loan; foreign exchange remittance; foreign exchange conversion; international settlement; acceptance and discount of foreign exchange bills; foreign exchange loan authorized by the head office; foreign exchange guarantee authorized by the head office, etc.