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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.
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