Bank of Qingdao

Bank of Qingdao Co. Ltd

Native name	青岛银行
Type	Joint stock bank
Traded as	SEHK: 3866
Industry	Banking and Finance
Founded	15 November 1996 (1996-11-15)
Headquarters	Qingdao, China
Key people	Shaoquan Guo Chairman Lin Wang President and Director
Products	Consumer Banking Corporate Banking Mortgages
Revenue	US$0.43 billion (June 2016)
Total assets	US$30.05 billion (June 2016)
Total equity	US$2.48 billion (June 2016)
Number of employees	3,023
Website	Homepage

Bank of Qingdao (simplified Chinese: 青岛银行: Qīngdǎo yínháng, traditional Chinese: 青島銀行股份有限公司) is a provider of retail and corporate banking services in Shandong province, headquarters are in Qingdao, China. Bank of Qingdao is regulated by the People's Bank of China, the nation's central bank.^[1]

Overview

As of As of 30 June 2015, the total asset valuation of the bank was approximately US$24.54 billion, with shareholder's equity of about US$1.76 billion, 3,023 employees^[1] and a branch network of eighty six branches in nine cities and sixty one sub-branches.^[2]

In May 2016, the US based Forbes magazine ranked Bank of Qingdao at 1,791 in its list of The World's Biggest Public Companies, 1,790 in Profit and 826 in total assets.^[3] The bank was among top 300 Asian banks (ranking 172) and China‘s top 500 service enterprises in 2015.^[4]

History

Bank of Qingdao was founded on November 15, 1996 as Qingdao City Cooperative Bank. This was by way of merger of 21 urban cooperatives in Qingdao. In 1998, the bank's name was changed to Qingdao commercial Bank so as to target a larger client base.^[2] The shareholders of these cooperatives became the founder shareholders in the newly developed bank.^[2]

In 2001, Haier took majority control of the bank after six of its subsidiaries acquired stake in the bank. This acquisition was made by Haier through its subsidiaries as the Chinese laws did not allow a non-financial institution to own more than ten percent of a bank.^[5] Haier's investment enabled the bank to invest in the SilverLake system. This made Qingdao Commercial Bank the first institution in China to adopt the system.^[2] The bank received investment from Qingdao Conson in 2005.^[2]

In 2008, Italy based Intesa Sanpaolo acquired a twenty percent stake in the bank for $135m. This was followed by an investment of €25.4m from Rothschild Continuation Holdings for a five percent stake in the bank. These acquisitions made ISP and Rothschild the first foreign investors in the bank and was part of a broader fundraising that more than doubled the bank's capital.^[6] In 2008, the bank's was rebranded to Bank of Qingdao and it expanded its operations outside Qingdao.^[2]

In November 2015, Bank of Qingdao listed H shares on the Hong Kong Stock Exchange after a successful initial public offering.^[7] The bank managed to raise US$607 million in the public offering.^[8] The offer was undersubscription due to a volatile market.^[9] The IPO was underwritten by Goldman Sachs and CITIC Securities with BNP Paribas, Banca IMI (Intesa Sanpaolo's investment bank) and Rothschild as part of the transaction advisors.^[2] The IPO also saw the shares of the major shareholders listed on the HKSE making it possible for the to exit the venture through the stock exchange.^[7]

Ownership

The shares of the stock of Bank of Qingdao are traded on the Hong Kong Stock Exchange, under the ticker: 3866. As of June 2015, prior to the IPO, the shareholding in the bank's stock was as depicted in the table below:^[2]

Governance

Bank of Qingdao is governed by a twelve-person board of directors led by Shaoquan Guo as the chairman and Lin Wang as the President and Executive Director.^[10]

See also

• Banking in China

References

Banks of China by type
Banking in China
Central bank	People's Bank of China
Policy bank	China Development Bank Export-Import Bank of China Agricultural Development Bank of China
State-owned Commercial	China Construction Bank Bank of China Industrial and Commercial Bank of China Agricultural Bank of China Bank of Communications
Postal Saving bank	Postal Savings Bank of China
Nationwide Commercial	China CITIC Bank China Everbright Bank China Guangfa Bank China Merchants Bank China Minsheng Bank Evergrowing Bank Hua Xia Bank Industrial Bank Ping An Bank Shanghai Pudong Development Bank China Zheshang Bank China Bohai Bank
Urban Commercial	Bank of Beijing Bank of Dalian Bank of Jiangsu Bank of Ningbo Bank of Qingdao Bank of Shanghai Bank of Taizhou Bank of Tianjin Huishang Bank Xiamen International Bank Shengjing Bank Bank of Jilin Harbin Bank
Other	Qianhai WeBank
List of banks in China List of banks in Hong Kong List of banks in Macau