China Construction Bank
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| China Construction Bank | |
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| Type | Joint stock company |
| Founded | 1954 |
| Headquarters | Beijing |
| Key people | Guo Shuqing (Chairman) Zhang Jianguo (President) Chang Zhenming (CEO) Pang Xiusheng (CFO) |
| Industry | Finance and Insurance |
| Products | Financial services |
| Employees | 297,506 |
| Website | www.ccb.com |
The China Construction Bank (CCB) SSE: 601939 SEHK: 0939 (simplified Chinese: 中国建设银行; traditional Chinese: 中國建設銀行; pinyin: Zhōngguó Jiànshè Yínháng; often abbreviated as 建行) is one of the 'big four' banks in the People's Republic of China. Up to date, it is ranked as the nation's second largest.[1]
CCB was founded on October 1, 1954 under the name of "People's Construction Bank of China" (中国人民建设银行; Zhōngguó Rénmín Jiànshè Yínháng), and later changed to "China Construction Bank" on March 26, 1996.
The former chairman, Zhang Enzhao, resigned on March 16, 2005, citing "personal reasons". However, a lawsuit in the United States alleges that he received a bribe of one million dollars from Alltel Information Services, for securing a contract.
China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by their predecessor, China Construction Bank, under the PRC Company Law. Following the China Banking Regulatory Committee's approval on September 14, 2004, Jianyin and Huijin entered into a separation agreement, dated September 15, 2004, pursuant to which China Construction Bank was separated into their bank and Jianyin.
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[edit] Investment by Bank of America
In 2005, Bank of America acquired a 9% stake in China Construction Bank for $3 billion. It represented the company's largest foray into China's growing banking sector. Bank of America currently had offices in Hong Kong, Shanghai, and Guangzhou and sought to expand its Chinese business as a result of this deal.
As of April 20, 2008, Bank of America is in talks to shed part of its stake in China Construction Bank in order to raise capital to shore up its balance sheet.[2]
[edit] International expansion
In 2006, CCB acquired Bank of America (Asia), which started in 1912 in Hong Kong as Bank of Canton, and which has a subsidiary in Macao.
China Construction Bank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no fees when traveling internationally. Other participating banks are:
- Barclays (United Kingdom),
- Bank of America (United States),
- BNP Paribas (France),
- Deutsche Bank (Germany),
- Santander Serfin (Spain and Mexico),
- Scotiabank (Canada) and
- Westpac (Australia and New Zealand).[3]
[edit] Stock Exchange listing
In late 2005, China Construction Bank made an initial public offering on the Hong Kong Stock Exchange (SEHK:0939). Since its listing, the share price has risen about 50% (since Feb 2006). In late 2007, it made China's second-largest initial public offering of 57.12 billion Renminbi yuan (7.6 billion US dollars) on the Shanghai Stock Exchange (SSE:601939), .
[edit] See also
[edit] References
- ^ South China Morning Post. 29 May 2008.
- ^ money.cnn.com news article
- ^ "Five big banks form Global ATM Alliance", ATMmarketplace.com. January 9, 2002. Accessed June 22, 2007.
[edit] External links
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