Evergrowing Bank, a relatively small but growing presence in China's retail banking market, has entered the structured deposit market.
Heng Yu Jin Gold Linked S1 has a maximum term of six months and pays a coupon worth 5.4% pa on maturity provided the gold price is above its strike, otherwise a 3% pa coupon is awarded. If, however, during the term the underlying grows by 20% or more at any time, then capital is returned at maturity along with a 3% pa coupon.
Evergrowing Bank was founded in 1987 as Yantai Housing Savings Bank. It has a network of over 100 branches across the country. Its branches are mostly in the Yantai region of Shandong Province. Outside Shandong, the bank has opened branches in the cities of Jinan, Nanjing, Hangzhou and Chengdu.
This product is available as a wealth management scheme until 3 March.
This product appears in Recent Additions (China).