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Huaxia Bank names Beijing Vice Mayor Zhai chairwoman

(Shanghai Daily)
Updated: 2007-06-13 13:30

China's Huaxia Bank Co, part owned by Deutsche Bank AG, appointed Beijing Vice Mayor Zhai Hongxiang as chairwoman to replace Liu Haiyan, who's retiring.

Huaxia's board approved Liu's resignation and named Zhai, 61, a board member, the Beijing-based bank said in a statement to the Shanghai Stock Exchange today. Zhai was in charge of financial development in China's capital city during her four-year term, Bloomberg reported.

The government has been exerting control over Huaxia through its largest shareholder, state-owned steelmaker Shougang Group Corp. In a separate statement today, the bank agreed to extend a 1.19 billion yuan (US$156 million) one-year credit line to Shougang.

Shougang owns 14.3 percent of Huaxia Bank. Deutsche Bank, Germany's largest lender, and Sal. Oppenheim Jr & Cie own a joint 13.98 percent stake.

Related readings:  Huaxia Bank's profit up 21%  Huaxia Bank to introduce credit card  German banks sign agreement with Huaxia Find more in Markets Watch

Huaxia Bank lags publicly traded rivals in profit growth. The bank posted a 13 percent increase in 2006 profit, compared with 31 percent by Shanghai Pudong Development Bank Co and about 40 percent at China Minsheng Banking Corp.

Shares of Huaxia have gained 65 percent this year, compared with a 98 percent rally for the benchmark CSI 300 Index.