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Shenzhen Development Bank renamed Ping An Bank from today
By Hu Xiaocen |
August 2, 2012, Thursday
|
Online Edition
Online Edition
SHARE price of China's first listed commercial bank on the A-share market, Shenzhen Development Bank Co, shed after its renaming to Ping An Bank Co today.
According to a statement published by Shenzhen Development Bank last night, the shareholders of the lender achieved consensus of the rename on February 9. Regulator's approve was received on July 27. Company securities code 000001 remains unchanged after the rename.
Xiao Suining, chairman of the Ping An Bank, said at a conference call this morning that in the past Shenzhen Development Bank was limited by capital, management and customer base to expand. The merger with Ping An Bank help the bank go beyond such limits, and saved time for them in improving management and explore new customers.
Shenzhen Development announced its plan of the merger with Ping An Bank on January 19, 2011.
Xiao said, the core capital adequacy ratio exceeded the average of all listed Chinese banks after Ping An Insurance Group Co bought 1.19 billion more shares in Shenzhen Development, for 20 billion yuan (US$3.2 billion).
President of the Ping An Bank, Richard Jackson, said the bank will improve its IT system as the treasury system and credit card system have already completed integration, while the new core banking system will be fully ready by the year end.
Shares of Ping An fell 0.13 percent to 15.14 yuan by the noon break.
According to a statement published by Shenzhen Development Bank last night, the shareholders of the lender achieved consensus of the rename on February 9. Regulator's approve was received on July 27. Company securities code 000001 remains unchanged after the rename.
Xiao Suining, chairman of the Ping An Bank, said at a conference call this morning that in the past Shenzhen Development Bank was limited by capital, management and customer base to expand. The merger with Ping An Bank help the bank go beyond such limits, and saved time for them in improving management and explore new customers.
Shenzhen Development announced its plan of the merger with Ping An Bank on January 19, 2011.
Xiao said, the core capital adequacy ratio exceeded the average of all listed Chinese banks after Ping An Insurance Group Co bought 1.19 billion more shares in Shenzhen Development, for 20 billion yuan (US$3.2 billion).
President of the Ping An Bank, Richard Jackson, said the bank will improve its IT system as the treasury system and credit card system have already completed integration, while the new core banking system will be fully ready by the year end.
Shares of Ping An fell 0.13 percent to 15.14 yuan by the noon break.
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