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Assets of city banks climb 4.3%

CHINA’S 133 city commercial banks recorded 26.28 trillion yuan (US$3.8 trillion) in total assets at the end of September, according to the China Banking Regulatory Commission.

The figure marks a rise of 4.29 percent from the second quarter.

The banks’ outstanding loans totaled 9.83 trillion yuan while deposits were 16.28 trillion yuan, the CBRC said in an online statement.

China’s city commercial banks have developed quickly in recent decades. Their combined assets now account for 12.09 percent of the banking system’s total.

These banks, an important part of China’s commercial banking system, were founded in 1995 by reforming the shareholdings of urban credit cooperatives.

Bank of Beijing, Bank of Shanghai, and Bank of Jiangsu were among the front runners in terms of assets.