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Bank of Shanghai eyes dual listings

(chinadaily.com.cn)
Updated: 2007-06-20 15:56
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As one of nine city commercial banks planning to go public, Bank of Shanghai (BOS) is preparing for itsinitial public offerings (IPOs) in both Shanghai and Hong Kong, according to the Securities Daily.

In September 1999 and December 2001, BOS received equity investments fromInternational Finance Corporation, HSBC, and Hong Kong-based Shanghai Commercial Bank, and became a joint-stock commercial bank.

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As of the end of 2006, BOS’s total assets reached 270 billion yuan (US$35.4 billion). Its total deposits and loans amounted to 222.5 billion and 126.2 billion yuan respectively. Last year, its pre-tax revenue totaled 1.84 billion yuan. The bank also enjoys a high capital adequacy ratio of 11.62 percent.

Listed among the top 500 banks in The Banker’s annual ranking for many years, BOS also won awards like Best Personal City Bank in China by Asian Banker magazine, and the most valuable service brand in Shanghai by the municipal government.

In addition, BOS is the only city commercial bank qualified for capital verification of new stocks and trustee business of trading settlement funds. It is also a member of the Shanghai Inter Bank Offered Rate (SHIBOR) price quoting group, as well as market maker of the inter bank bond market of China, whose bond trading volume always ranks in the top 10 in the market.

The Ningbo branch of BOS was set up in April 2006, marking the first step of its regional development. Regulators say the Beijing branch is also under preparation, and substantial progress will be made after the Hangzhou branch begins operation. Bank insiders predict that within the next five to eight years, two or three branches will be opened annually outside Shanghai, preferably in the Yangtze River Delta region.

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