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China Development Bank goes commercial

By Xu Shenglan (chinadaily.com.cn)
Updated: 2008-12-02 11:33

The new joint-stock entity China Development Bank (CDB) Co Ltd was formally registered in Beijing Monday.

Members of the company's board of directors and the board of supervisors were approved by the first shareholders' conference that was attended by representatives of China's Ministry of Finance and Central Huijin Investment Co, according to the notice published on CDB's website.

CDB, one of the country's three policy banks, had aims to restructure itself to a commercial lender and get listed on the stock at an appropriate time, sources with the country's central bank said in February this year.

The bank accomplished this after getting approval by the State Council in the middle of February 2008, and went through a series of reforms including restructuring and company management framework adjustment.

CDB received $20 billion of capital injection from China Central Huijin Investment Co last December, an investment arm of the Chinese government, as part of the long-anticipated restructuring, which raised CDB's capital adequacy ratio to 12.77 percent and improved its risk-prevention capability.

CDB was established in 1994 as one of China's three policy banks, along with the China Export and Import Bank and the China Agricultural Development Bank.