Despite living in China on and off for the past 3 years I have neglected to open a bank account. For a while I enjoyed the novelty of keeping large sums of cash in my bedroom. Perhaps it was nostalgia for bygone days as a crazed scarface Raver kid.
What has really kept me at bay over the years were the nefarious investment policies of Bank of China ICBC and CCB respectively.
In terms of social and environmental responsibility, Fujian-based Industrial Bank of China (IBC) is an outlier when it comes to recognizing the need for environmental protection and fiscal transparency. Checkout BankTrack.org they also have reports for aforementioned banks and have links to document IBC’s recognition of the the Equator Principles.
http://www.banktrack.org/show/bankprofiles/industrial_bank
The downside is that IBC lags behind its competitors in terms of convenience in Chengdu. There are only a handful of branches in the city and a small scattering of ATMs. However they recently opened a new office on 人民南路 just north of the Western tower. I think I’m going to open an account soon, sure its a little far from my house, but I’d rather “put my money where my mouth is”.
In other news, lets hope that the recent IMF sex-scandal will force them to turn over a new leaf and put an end to the rape of third world economies…
