China Zheshang Bank
| Company type | Joint-stock commercial bank |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Zhejiang Commercial Bank |
| Founded | 2004-08-18 |
| Headquarters | Hangzhou , China |
Area served | China |
Key people | Shen Renkang (Chairman) |
| Products | Banking services, Loans, Deposits |
| Owner | Zhejiang Finance Development Corporation (19.96%), Travelers Automobile Group (8.99%), Hengdian Group Holdings Limited (8.30%), Zhejiang Hengyi Group (6.21%), Others (56.54%) |
China Zheshang Bank (CZB) is a nationally recognized joint-stock commercial financial institution based in Hangzhou, China, operating under the supervision of the People's Bank of China.
Overview
CZB maintains a network of 109 branches situated in key urban centers across China. In 2014, it was positioned 208th in the "Global Banking 1000" ranking published by The Banker magazine.
History
The roots of CZB trace back to Zhejiang Commercial Bank, which was founded in 1993 in Ningbo, Zhejiang Province. This bank was established as a Sino-foreign joint venture involving partners such as Bank of China, Hong Kong Nanyang Commercial Bank, Bank of Communications, and Zhejiang International Trust and Investment Co.
On June 30, 2004, the China Banking Regulatory Commission authorized its restructuring and relocation to Hangzhou. Subsequently, CZB commenced operations officially on August 18, 2004.
The bank executed its strategic development plan in two consecutive five-year stages:
- From 2004 to 2008: Concentrated efforts on the Zhejiang provincial market.
- From 2009 to 2013: Broadened operations into economically advanced regions throughout China.
By December 2014, CZB had declared a registered capital amounting to CN¥11.5 billion, total assets valued at CN¥6,700 billion, customer deposits reaching CN¥360 billion, and loans extended totaling CN¥260 billion.
In September 2015, CZB revealed intentions to launch an initial public offering (IPO) worth US$1 billion on the Hong Kong Stock Exchange, with listing specifics still pending as of October 2015.
Ownership
China Zheshang Bank remains privately owned. As of December 2014, its principal shareholders were Zhejiang Finance Development Corporation holding 19.96%, Travelers Automobile Group with 8.99%, Hengdian Group Holdings Limited at 8.30%, and Zhejiang Hengyi Group owning 6.21%. The remaining shares, accounting for 56.54%, were held by other investors.
| Rank | Owner | Percentage Ownership |
|---|---|---|
| 1 | Zhejiang Finance Development Corporation | 19.96 |
| 2 | Travelers Automobile Group | 8.99 |
| 3 | Hengdian Group Holdings Limited | 8.30 |
| 4 | Zhejiang Hengyi Group | 6.21 |
| 5 | Other | 56.54 |
| Total | 100.00 |
Governance
An eighteen-member board governs the bank, consisting of four executive directors, eight representatives of shareholders, and six independent directors. The board is responsible for appointing the chairman, a role currently held by Shen Renkang.
See also