Agricultural Bank of China (ABC) loaned 82.9 billion yuan (12.2 billion U.S. dollars) in micro-credit to Chinese farmers in the first three months of the year, compared with 67.3 billion yuan in the whole of 2009.Starting in April 2008, ABC's micro-credit business, which makes loans of 3,000 to 50,000 yuan in size, has helped 15 million farmers across the country, Lu Chuan, an ABC official burberry on sale told Xinhua Saturday.Farmer Bu Nianhua, a grape grower, is happy these days. On his 8.5-acre grape farm he has seven breeds of grape. They all ripen at different times, between July and November and he earns an annual income of 200,000 yuan.But thanks to a 30,000 yuan micro-credit loan from the local ABC branch at the end of 2009, Bu has planted a new high-yield grape breed - Minicure Finger.
Agricultural Bank of China (ABC) is set to raise up to 23.2 billion U.S. dollars in the world's largest listing, according to the price range the lender set for its shares. ABC said late Monday in a statement filed with the Shanghai Stock Exchange that it had set the price range for the Shanghai portion of its initial public offering (IPO) at 2.52 to 2.68 yuan (0.37 to 0.39 dollars). The lender last week priced shares in the Hong Kong part of its IPO at 2.88 to 3.48 HK dollars (0.37 to 0.45 U.S. dollars).ABC said it would offer 22.23 billion A-shares in Shanghai and 25.41 billion H-shares in Hong Kong, excluding an over-allotment option, in the preliminary prospectus it submitted to the China Securities Regulatory Commission (CSRC).The pricing of the shares means ABC, the last of China's "big four" state-owned banks to float shares, would be able to raise up to 23.2 billion U.S. dollars, set to burberry bags beat a record 21.9 billion U.S. dollars raised by Industrial & Commercial Bank of China in 2006.The CSRC earlier this month approved ABC's IPO application for dual listing in Shanghai and Hong Kong, which is scheduled at mid-July. The half acre of Minicure Finger grapes alone will bring him 75,000 yuan in income this year.In a break with the past, Bu's loan was guaranteed by two other farmers, instead of by enterprises."Like Bu, many other farmers have received financial support from ABC through an innovative credit guarantee system," said Lu.Xia Naijiu, a farmer raising chickens in Jiangduo Town, Liugang Village, Taizhou City, in east China's Jiangsu Province, has also taken an ABC micro-credit loan.Xia borrowed 50,000 yuan from his local ABC branch in January this year, which enabled him to buy enough chicken feed for his 20,000 egg-laying chickens.
Xia estimates the egg sales will bring him 150,000 yuan in net profit this year. By the end of the first quarter of 2010, ABC lent 67.3 billion yuan via micro-credit business, up 23 percent compared with the sum at the end of last year, according to Lu.These loans benefited 4.45 million households, or 15 million rural residents, Lu added.However, the loans' value is only two percent of the four trillion burberry outlet online yuan ABC loaned in 2009, said Zhao Baige, deputy director of the National Population and Family Planning Commission.