The Pingtan branch of the Agricultural Bank of China (ABC) was upgraded to a division-level bank on Jan 1 and is thus now directly under the administration of the ABC's Fujian provincial branch.

Experts said that the upgrade aims to help the branch adapt to the industrial competition and the administration mode of the Pingtan Comprehensive Pilot zone, as it will be able to enjoy preferential policies, and the move will also simplify administrative procedures and spur innovation

The loan-to-deposit ratio at ABC's Pingtan branch was the highest of the four national banks in Pingtan in 2013, and the bank launched the first cross-border RMB business and Taiwan dollar exchange business last year.

Edited by Chen Zhilin and Niva Whyman