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Nearly 7 million people choose the metro as their mode of transport in Shanghai everyday. That's a big potential market for banks. So, the lenders are opening branches under ground.
The first foreign bank to opens a branch in the subway is Citibank. It offers all kinds of personal retail business including deposits and credit. The first Chinese bank to open up was the Industrial and Commercial Bank of China. It unveiled its underground bank in June this year.On average, ICBC's underground branches receive more than 1200 customers everyday. Though it may cost more than establishing branches above ground, lenders from home and overseas believe there's a big potential market underground.
Anand Selva, Executive Vice President of Citibank (China) Co. Ltd. said "It's a good start. This is only the beginning. And we will be able to be in other metro stations forward."
Mi Liang, Assistant Governor of Shanghai Zhabei Branch, ICBC said "This is the market that no one can afford to lose. If anyone who get shares in the 7 million people market, it will be a great momentum for customers and business."