CITIC Ka Wah Bank Ltd. intends to apply to open a branch in China under the Closer Economic Partnership Arrangement signed between Hong Kong and China, the Chinese-language Hong Kong Economic Journal reports.

The bank has preliminarily set its mind on opening a branch in Shanghai, the paper quoted the bank's executive vice president and head of retail banking Lorainne Lam as saying.

Lam said the bank hopes to focus on developing its loan business in southern China, while its main operations in the north will be taking in deposits.

CITIC Ka Wah Bank is wholly owned by CITIC International Financial Holdings Ltd., a Hong Kong-listed unit of the Chinese state-owned financial conglomerate CITIC, or China International Trust & Investment Corp.

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