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China Zheshang Bank, abbreviated as CZB, is a national
China Zheshang Bank trances its roots from Zhejiang Commercial Bank that was formed in 1993 in
joint-stock
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are ...
commercial bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with cor ...
based in the People's Republic of China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
and regulated by the People's Bank of China.
Overview
China Zheshang Bank has its headquarters inHangzhou
Hangzhou ( or , ; , , Standard Mandarin pronunciation: ), also romanized as Hangchow, is the capital and most populous city of Zhejiang, China. It is located in the northwestern part of the province, sitting at the head of Hangzhou Bay, whi ...
, China and serves customers through a network of 109 branches across the major cities in the country. In 2014, the bank ranked 208 in the "Global Banking 1000" list by the UK based Banker magazine.
History
China Zheshang Bank trances its roots from Zhejiang Commercial Bank that was formed in 1993 in Ningbo
Ningbo (; Ningbonese: ''gnin² poq⁷'' , Standard Mandarin pronunciation: ), formerly romanized as Ningpo, is a major sub-provincial city in northeast Zhejiang province, People's Republic of China. It comprises 6 urban districts, 2 sate ...
, Zhejiang Province
Zhejiang ( or , ; , also romanized as Chekiang) is an eastern, coastal province of the People's Republic of China. Its capital and largest city is Hangzhou, and other notable cities include Ningbo and Wenzhou. Zhejiang is bordered by Jiangs ...
of China. The Zhejiang Commercial Bank was a Sino-foreign bank jointly owned by Bank of China
The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...
, Hong Kong Nanyang Commercial Bank, Bank of Communications
Bank of Communications Limited (BoComm) (; often abbreviated as ), is the fifth-largest bank in mainland China.
Established in 1908, the Bank of Communications claims a long history in China and is one of the banks to have issued banknotes in mo ...
, and the Zhejiang International Trust and Investment Co.
On June 30, 2004, the China Banking Regulatory Commission approved the restructuring, renaming and relocation of Zhejiang Commercial Bank and on August 18, 2004, China Zheshang Bank was officially opened as a new bank in Hangzhou.
Once launched, the bank structured its overall business strategy in two five-year phases:
* Phases 1 - 2004 to 2008 - The main focus was the Zhejiang province market.
* Phases 2 - 2009 to 2013 - To focus on the developed regions of China.
, China Zheshang Bank a registered capital base of CN¥ 11.5 billion, total assets of CN¥ 6,700 billion, CN¥ 360 billion in customer deposits and CN¥ 260 billion in issued loans.
In September 2015, CZB announced plans to raise around US$1 billion through an IPO
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
and listing on the Hong Kong Stock Exchange
The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repor ...
. The listing details were yet to be announced as at the end of October 2015.
Ownership
China Zheshang Bank is a privately held company. , shareholding in the bank's stock was as depicted in the table below:Governance
China Zheshang Bank is governed by an 18-person board of directors. Of these, four are executive directors, eight are shareholders directors and six are independent directors. These directors select the chairman of the board. The current director is Shen Renkang.See also
* Banking in China *List of banks in China
This is a list of banks in China, including Mainland China, Hong Kong, and Macau.
The central bank of the People's Republic of China is the People's Bank of China, a component of the State Council, the Central Government of China. The People's ...
References
{{Banks of the People's Republic of China , state=autocollapse Banks established in 2004 Banks of China Companies based in Hangzhou Companies listed on the Hong Kong Stock Exchange Chinese brands Chinese companies established in 2004