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Transformation of ABC saves the best for last
By Zhang Fengming |
January 10, 2009, Saturday
|
Print Edition
Print Edition
AGRICULTURAL Bank of China was reborn as a joint-stock company yesterday as it took a major step forward in its modernization path.
The Ministry of Finance and Central Huijin, an arm of China's sovereign wealth fund, each hold 50 percent in the lender, the Beijing-based bank said yesterday in a statement.
The bank has a registered capital of 260 billion yuan (US$38 billion) as it transformed from a wholly state-owned bank to a state-controlled joint stock commercial bank, it said on its Website yesterday.
The bank is the last of the big four state-owned lenders to transform into a joint stock company. The Industrial and Commercial Bank of China, the Bank of China and China Construction Bank have gone public after getting a total of US$60 billion in government bailout and shedding their bad loans.
ABC will focus on rural areas and will roll out innovative products to serve these areas, including credit and bank cards designed specially for the country's farmers.
The bank will complete its preparations on its initial public offering in the second half of 2010, Pan Gongsheng, vice president of the bank, said earlier.
The Ministry of Finance and Central Huijin, an arm of China's sovereign wealth fund, each hold 50 percent in the lender, the Beijing-based bank said yesterday in a statement.
The bank has a registered capital of 260 billion yuan (US$38 billion) as it transformed from a wholly state-owned bank to a state-controlled joint stock commercial bank, it said on its Website yesterday.
The bank is the last of the big four state-owned lenders to transform into a joint stock company. The Industrial and Commercial Bank of China, the Bank of China and China Construction Bank have gone public after getting a total of US$60 billion in government bailout and shedding their bad loans.
ABC will focus on rural areas and will roll out innovative products to serve these areas, including credit and bank cards designed specially for the country's farmers.
The bank will complete its preparations on its initial public offering in the second half of 2010, Pan Gongsheng, vice president of the bank, said earlier.
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