|
Home>News Center>China | |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
StanChart takes 19.9% stake in Bohai Bank
Tianjin TEDA Investment Holding Company Ltd is the largest promoter with a 25-per-cent stake. Other promoters include China Ocean Shipping (Group) Co, Shanghai Baosteel Group Corp, State Development and Investment Corp, Tianjin Trust and Investment Co Ltd and Tianjin Shanghui Investment (Holding) Co Ltd, with stakes of 13.67 per cent, 11.67 per cent, 11.67 per cent, 10 per cent and 8 per cent, respectively. Standard Chartered has nominated senior managers for the positions of vice-chairman and deputy chief executive officer, who would also act as a director and a risk officer. Yang Zilin, former chairman of Export-Import Bank of China, has been nominated the chairman. Ma Teng, former head of credit card business at Industrial and Commercial Bank of China, has been nominated chief executive officer. The establishment of Bohai Bank was approved at the end of 2003; and the Office of Bohai Bank Preparatory Leadership Group and Standard Chartered signed a framework agreement last year. On December 30, the China Banking Regulatory Commission (CBRC) approved the proposal for establishing the bank. As a new entity, Bohai Bank has no historical burdens like other competitors including the big-four State-owned banks, Yang said. "This is favourable for us to build Bohai Bank into a modern commercial bank with flexible mechanisms, scientific corporate governance, sound internal control and well-regulated operations and management," he said. The presence of Standard Chartered as a foreign strategic investor at the promotion stage also means the bank has made a relatively good start, he said. Chinese regulators have placed great expectations on foreign expertise in ensuring the quality of new banks. Having a qualified overseas strategic investor is among the six requirements the CBRC has announced for the establishment of new banks. According to Yang, Bohai Bank will start operations at the beginning of next year with initial focus on the Bohai Bay area, Yang said. A year later, it will expand to the Yangtze River Delta, the Pearl River Delta and other major economic areas, he added.
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
