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TISCO (Group) Financial Co., Ltd. Received Go Ahead from CBRC
By TISCO Daily UpDate
2012-09-14
TISCO (Group) Financial Co., Ltd. was approved officially by China Banking Regulatory Commission (CBRC) for its establishment recently, marking a significant step of TISCO towards combination of industry and finance businesses.
Following rapid development in later years, TISCO has formed into a diversified operational system covering iron & steel business, mining, steel processing and distribution, domestic & world trade, capital operation, engineering technology, new material development, etc. TISCO’s over 60 wholly owned subsidiaries and holding subsidiaries spread around the major provinces, autonomous regions & municipalities in China and Hong Kong, the US, Germany, Russia, Turkey, Mauritius, etc.
TISCO, according to the strategic program of Shanxi Provincial Party Committee and Shanxi Provincial Government for leapfrog development, has set its ultimate aim on the most competitive stainless steel company in the world by strengthening key industry and further, diversified, green and harmonious development in its 12th Five-Year-Plan, and to reach a first class in China and world famous large enterprise group by the year of 2015 with over 200 BRMB of operational revenue.
Along with the implementation of its 12th Five-Year-Plan, TISCO has expanded its operational scale and business areas additionally. In answer to the updated trend of combination of industry and finance, the foundation of TISCO (Group) Financial Co., Ltd. will bound to give a push to TISCO’s leapfrog development by strategic functions of foundation of capital operational platform, centralization of group fund administration, improvement of capital efficiency and profitability, decrease of operational risks, realization of coordinated effect, allocation of efficient resources of the group, reinforcement of risk resistance of TISCO and its international competitiveness.