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ABC launches as joint-stock company
By Zhang Fengming |
January 9, 2009, Friday
|
Online Edition
Online Edition
AGRICULTURAL Bank of China yesterday launched as a joint-stock company as part of its restructuring plan.
The Ministry of Finance and Central Huijin, an arm of China's sovereign wealth fund, each hold 50 percent in the bank, the Beijing-based bank said today in a statement.
The bank has a registered capital of 260 billion yuan (US$38 billion) as the bank was transferred from a wholly state-owned bank to a state-controlled joint stock commercial bank, it said on its Website today.
The bank is the last among the country's big-four state-owned banks to restructure into a joint stock company.
ABC's state-owned counterparts – Industrial and Commercial Bank of China, Bank of China and China Construction Bank – have all gone public after receiving a combined US$60 billion in government bailouts to shed bad loans.
ABC will focus on rural areas and roll out more innovative products to serve such communities including small-sum credit and bank cards for farmers.
The bank will complete technical preparations for an initial public offering in the second half of next year, Pan Gongsheng, vice president of the bank said earlier.
Moody's Investors Service in October raised the outlook on Agricultural Bank of China's financial strength rating to "positive" from "stable" after the lender said it received a US$19 billion government capital injection from Central Huijin.
The Ministry of Finance and Central Huijin, an arm of China's sovereign wealth fund, each hold 50 percent in the bank, the Beijing-based bank said today in a statement.
The bank has a registered capital of 260 billion yuan (US$38 billion) as the bank was transferred from a wholly state-owned bank to a state-controlled joint stock commercial bank, it said on its Website today.
The bank is the last among the country's big-four state-owned banks to restructure into a joint stock company.
ABC's state-owned counterparts – Industrial and Commercial Bank of China, Bank of China and China Construction Bank – have all gone public after receiving a combined US$60 billion in government bailouts to shed bad loans.
ABC will focus on rural areas and roll out more innovative products to serve such communities including small-sum credit and bank cards for farmers.
The bank will complete technical preparations for an initial public offering in the second half of next year, Pan Gongsheng, vice president of the bank said earlier.
Moody's Investors Service in October raised the outlook on Agricultural Bank of China's financial strength rating to "positive" from "stable" after the lender said it received a US$19 billion government capital injection from Central Huijin.
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