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Under the administration of south China's Guangxi Autonomous Region, the bank was formally set up in Nanning, capital of the region, with a registered capital of CNY 2 billion on October 23, 2008. After establishment, its consumers and deposits increase to a large extent, Teng Chong, head of the preparatory team of the bank, said in an interview. In addition, it draws the attention of a list of global financial giants. Both Morgan Stanley and HSBC have been in talks with it over cooperation. They will buy into the bank as long as they gain approval from the China Banking Regulatory Commission (CBRC), the top Chinese banking regulator, added Teng.
Statistics show that shareholders of the bank are mainly mainland companies currently, and they include not only local companies but also groups from other Chinese provinces. Guangxi Ronggui Trade Co., Ltd., Guangxi Liuzhou Iron and Steel (Group) Co. and Guangxi Guiguan Electric Power Co., Ltd. (SHSE: 600236), three local companies, each has a 15 percent stake in the bank. Guangxi Ronghe Enterprise Group Co., Ltd. and Liuzhou Liangmianzhen Co., Ltd. (SHSE: 600249), also two Guangxi-based companies, have a 6.67 percent stake and a five percent stake in the bank, respectively. Oceanwide Construction Holding Co., Ltd., a Beijing-headquartered company, takes a nine percent stake in it. Giant Group, a Zhuhai-based company, also has a nine percent stake in it.
China Development Bank, one of the bank's two initiators, does not have any shares in the bank. The policy-oriented Chinese bank plays a role like a strategy maker or an adviser in the process of the bank's establishment, said a senior official with the local government, adding that it played such a role in the restructuring of a list of Chinese city-level commercial lenders in the past few years.
Based on Nanning City Commercial Bank, Beibu Gulf Bank plans to acquire other two local city commercial lenders, including Liuzhou City Commercial Bank and Guilin City Commercial Bank, before the end of this year. Data shows that the assets of the two targets totals CNY 15 billion, currently. It means that the total assets of Beibu Gulf Bank will exceed CNY 28 billion after the two acquisitions.
(USD 1 = CNY 6.84)
From www.cnstock.com, Page 1, Tuesday, October 28, 2008 info@SinoCast.com
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