Related News
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 鈥 Industrial and Commercial Bank of China, Bank of China and China Construction Bank 鈥 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 鈥 Industrial and Commercial Bank of China, Bank of China and China Construction Bank 鈥 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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
