Bank of Qingdao Company Limited (

simplified Chinese Simplification, Simplify, or Simplified may refer to: Mathematics Simplification is the process of replacing a mathematical expression by an equivalent one, that is simpler (usually shorter), for example * Simplification of algebraic expressions, ...

: 青岛银行: Qīngdǎo yínháng,

traditional Chinese A tradition is a belief or behavior (folk custom) passed down within a group or society with symbolic meaning or special significance with origins in the past. A component of cultural expressions and folklore, common examples include holidays or ...

: 青島銀行) is a provider of retail and corporate banking services in

Shandong province Shandong ( , ; ; alternately romanized as Shantung) is a coastal province of the People's Republic of China and is part of the East China region. Shandong has played a major role in Chinese history since the beginning of Chinese civilizatio ...

, headquarters are in

Qingdao Qingdao (, also spelled Tsingtao; , Mandarin: ) is a major city in eastern Shandong Province. The city's name in Chinese characters literally means " azure island". Located on China's Yellow Sea coast, it is a major nodal city of the One Belt ...

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 ...

. Bank of Qingdao is regulated by the

People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...

, the nation's

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

Overview

, the total asset valuation of the bank was approximately US$24.54 billion, with shareholder's equity of about US$1.76 billion, 3,023 employees and a branch network of eighty six branches in nine cities and sixty one sub-branches. In May 2016, the US based

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

magazine ranked Bank of Qingdao at 1,791 in its list of '' The World's Biggest Public Companies'', 1,790 in Profit and 826 in total assets. The bank was among top 300 Asian banks (ranking 172) and China's top 500 service enterprises in 2015.

History

Bank of Qingdao was founded on 15 November 1996 as Qingdao City Cooperative Bank (青岛城市合作银行). This was by way of merger of 21 urban cooperatives in Qingdao. In 1998, the bank's name was changed to Qingdao commercial Bank (青岛市商业银行) so as to target a larger client base. The shareholders of these cooperatives became the founder shareholders in the newly developed bank. In 2001,

Haier Haier Group Corporation () is a Chinese multinational home appliances and consumer electronics company headquartered in Qingdao, Shandong. It designs, develops, manufactures and sells products including refrigerators, air conditioners, washin ...

took majority control of the bank after six of its subsidiaries acquired stake in the bank. This acquisition was made by Haier through its subsidiaries as the Chinese laws did not allow a non-financial institution to own more than ten percent of a bank. Haier's investment enabled the bank to invest in the SilverLake system. This made Qingdao Commercial Bank the first institution in China to adopt the system. The bank received investment from Qingdao Conson in 2005. In 2008, Italy based

Intesa Sanpaolo Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a corporate identity s ...

acquired a twenty percent stake in the bank for $135m. This was followed by an investment of €25.4m from Rothschild Continuation Holdings for a five percent stake in the bank. These acquisitions made ISP and Rothschild the first foreign investors in the bank and were part of a broader fundraising that more than doubled the bank's capital. In 2008, the bank's was rebranded to Bank of Qingdao and it expanded its operations outside Qingdao. In November 2015, Bank of Qingdao listed

H shares H shares () refer to the shares of companies incorporated in mainland China that are traded on the Hong Kong Stock Exchange. Many companies float their shares simultaneously on the Hong Kong market and one of the two mainland Chinese stock exc ...

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 ...

after a successful

initial public offering 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 ...

. The bank managed to raise US$607 million in the public offering. The offer was undersubscription due to a volatile market. The IPO was underwritten by

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

and

CITIC Securities CITIC Securities Co., Ltd. is a Chinese full-service investment bank. It offers services in underwriting, research, brokerage, asset management, wealth management, and investment advisory. CITIC Securities was established in 1995 and it is headq ...

with

BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...

Banca IMI Banca IMI is a subsidiary of Intesa Sanpaolo which is specialized in investment banking and capital markets. The bank can trace its origins to the Istituto Mobiliare Italiano. IMI merged with Istituto Bancario San Paolo di Torino to form Sanpaolo I ...

(

's investment bank) and

Rothschild Rothschild () is a name derived from the German ''zum rothen Schild'' (with the old spelling "th"), meaning "with the red sign", in reference to the houses where these family members lived or had lived. At the time, houses were designated by signs ...

as part of the transaction advisors. The IPO also saw the shares of the major shareholders listed on the HKSE making it possible for them to exit the venture through the stock exchange.

Ownership

The shares of the

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

of Bank of Qingdao are traded on the

, under the ticker: 3866. , prior to the IPO, the shareholding in the bank's stock was as depicted in the table below:

Governance

Bank of Qingdao is governed by a twelve-person board of directors led by Shaoquan Guo as the chairman and Lin Wang as the President and Executive Director. Other board members include Mr. Yang Fengjiang, Ms. Lu Lan, Mr. Zhou Yunjie, Mr. Rosario Strano, Ms. Tan Lixia, Mr. Marco Mussita, Mr. Deng Youcheng, Mr. Calvin Choi, Mr. Wong Tin Yau Kelvin, Mr. Chen Hua, Ms. Dai Shuping, Mr. Simon Cheung, and Ms. Fang Qiaoling.

References

External links