Bank of Qingdao
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | November 15, 1996 in Qingdao, China |
| Headquarters | Qingdao , China |
Area served | Shandong province |
Key people | Shaoquan Guo (Chairman), Lin Wang (President and Executive Director) |
| Products | Retail and corporate banking services |
| Owner | Public shareholders; Haier and affiliates (26.10%), Intesa Sanpaolo (20.00%), Qingdao Conson (17.13%), Rothschild Continuation Holdings (3.18%) |
Number of employees | 3,023 (2015) |
Bank of Qingdao Company Limited (simplified Chinese: 青岛银行; traditional Chinese: 青島銀行) operates as a provider of retail and corporate banking services within Shandong province, with its headquarters located in Qingdao, China. The institution functions under the supervision of the People's Bank of China.
Overview
By 30 June 2015, the bank reported total assets near US$24.54 billion and shareholder equity close to US$1.76 billion. It maintained a workforce of 3,023 employees distributed among eighty-six branches spanning nine cities, along with sixty-one sub-branches.
In May 2016, Forbes positioned Bank of Qingdao at number 1,791 among the largest publicly traded companies worldwide, ranking it 1,790 in profitability and 826 in total assets. Additionally, it was listed within Asia’s top 300 banks (ranked 172) and counted among China’s top 500 service enterprises for the year 2015.
History
The bank originated on 15 November 1996 as Qingdao City Cooperative Bank following the consolidation of twenty-one urban cooperatives. It adopted the name Qingdao Commercial Bank in 1998 to broaden its customer reach. Shareholders from the initial cooperatives became its founding investors.
In 2001, Haier acquired majority ownership through subsidiaries due to regulatory restrictions on non-financial entities holding stakes. Haier’s involvement facilitated the implementation of the SilverLake system, making Qingdao Commercial Bank the first Chinese bank to adopt this technology. Qingdao Conson became an investor in 2005.
In 2008, Italian banking group Intesa Sanpaolo purchased a 20% share for $135 million, followed by Rothschild Continuation Holdings’ €25.4 million investment securing a 5% stake—these were the bank’s inaugural foreign investors and resulted in a doubling of its capital base. That year also saw the institution rebranded as Bank of Qingdao and extend its operations beyond Qingdao.
In November 2015, Bank of Qingdao launched an initial public offering for H shares on the Hong Kong Stock Exchange, raising US$607 million despite challenging market conditions. The IPO was managed by Goldman Sachs and CITIC Securities, with advisory support from BNP Paribas, Banca IMI (the investment banking arm of Intesa Sanpaolo), and Rothschild & Co. Shares held by principal shareholders were also listed, providing opportunities for liquidity on the exchange.
Ownership
The bank’s shares are publicly traded on the Hong Kong Stock Exchange under the ticker symbol 3866. Prior to its IPO in June 2015, ownership was distributed as follows: Haier and affiliates held 26.10%, Italy’s Intesa Sanpaolo owned 20.00%, Qingdao Conson possessed 17.13%, Rothschild Continuation Holdings controlled 3.18%, with other shareholders accounting for the remaining 33.59%, cumulatively representing full ownership.
Governance
Governance is conducted by a board comprising twelve members chaired by Shaoquan Guo. Lin Wang fulfills the roles of President and Executive Director. The board features prominent members including Yang Fengjiang, Lu Lan, Rosario Strano, Marco Mussita, Calvin Choi, and Simon Cheung.
See also