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The bank expects to be formally established on November 10, however, it has to gain approval from the State Council, the Chinese cabinet, first. After commercialization, it will be a 50-50 joint venture between the Ministry of Finance and China SAFE Investment Ltd., the biggest financial investment institution in China. Like other commercial lenders in the country, it will introduce strategic investors.
Previous sources said that the nation's Social Security Fund would become a strategic investor of the bank with an injection of about CNY 20 billion to CNY 30 billion. Other Chinese conglomerates such as China National Petroleum Corp. (CNPC) and China National Offshore Oil Corp. (CNOOC) may also become strategic investors of it, said people close to the China Banking Regulatory Commission (CBRC), the top Chinese banking regulator.
Headquartered in Beijing, China Development Bank was set up in March 1994 with a registered capital of CNY 50 billion. As one of the nation's three policy-oriented banks, it kicked off its commercialization first. It obtained an investment of USD 20 billion from China SAFE Investment in December 2007 and won a nod for its commercialization plan at the start of 2008. It was scheduled to be formally established at the end of June this year. However, the matter was laid on the table for various reasons later.
Presently, the senior management team members of the being- established commercial lender have been made known. Chen Yuan, president of China Development Bank, will serve as secretary of CPC committee of the bank. Jiang Chaoliang, chairman of Bank of Communications (SEHK: 3328 and SHSE: 601328), and Yao Zhongmin, vice president of China Development Bank, will both act as vice secretary of CPC committee of it. However, its board members have not been unveiled till now.
Like Industrial and Commercial Bank of China (ICBC, SHSE: 601398, and SEHK: 1398), China Construction Bank (CCB, SEHK: 0939 and SHSE: 601939) and Bank of China (BOC, SHSE: 601988 and SEHK: 3988), its board will consist of 15 members, too. And they will come from the Ministry of Finance, the People's Bank of China, China SAFE Investment as well as China Development Bank, revealed insiders.
(USD 1 = CNY 6.83)
From www.hexun.com, Page 1, Wednesday, November 05, 2008 info@SinoCast.com
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