China's first joint-stock commercial bank inaugurates in N. China
(Xinhua)
Updated: 2005-12-31 19:03

Bohai Bank, the first state-level joint-stock commercial bank in China, was inaugurated on Saturday in Tianjin, the leading port city in north China.

The bank was built under the approval of the State Council, or China's cabinet.

With registered capital of 5 billion yuan (616,523 U.S. dollars), the bank is jointly invested by shareholders from both home and abroad.

Tianjin-based Taida Investment Holding Company possesses 25 percent stocks of the Bohai Bank, becoming the bank's largest shareholder.

Hong Kong-based Standard Chartered holds 19.99 percent of the stake, which makes it the second largest shareholder among foreign investors.

The bank will start commercial run on February 20, 2006.