China CITIC Bank

China CITIC Bank (simplified Chinese: 中信银行; traditional Chinese: 中信銀行; pinyin: Zhōng Xìn Yínháng) is China's seventh-largest lender in terms of total assets. It was known as CITIC Industrial Bank until it changed its name in August 2005. China CITIC Bank, established in 1987, is a nationally comprehensive and internationally oriented commercial bank. The bank operates in almost 130 countries, and maintains a strong foothold on the mainland banking industry. The bank operates 78 branches in the mainland, and 622 sub-branches, located in economically developed regions of China.[2] In total, there are 773 branch offices in China, as of Q4 2011.

China CITIC Bank
中信银行
TypePublic
IndustryBanking
Founded1987
Headquarters
Beijing Hong Kong
,
China
Area served
People's Republic of China
Key people
Li Qingping, Chairman Sun Deshun, CEO
RevenueUS$24.37 billion [1]
US$4.92 billion
Total assetsUS$474.73 billion
OwnerCITIC Group
Number of employees
34,589 (2013)
ParentCITIC Limited
Websitewww.citicbank.com
China CITIC Bank
Simplified Chinese中信银行
Traditional Chinese中信銀行
China CITIC Bank in Hangzhou

History

Origins

In 1984, the chairman of CITIC group at the time, Rong Yiren, requested that the Chinese government create a banking division under his company, in order to fully embody the needs for foreign exchange. This move was approved by the People's Bank of China, and a banking division was created under CITIC group in April 1985. At this point, the bank was based on the original finance department, expanding its operations regarding external financing, foreign exchange transactions, loans, international settlement, finance leases and deposits. In April 1987, the bank was formally established as a separate legal entity, following approval from the People's Bank of China and the Chinese State Council.[3]

2000-present

China CITIC Bank's businesses flourished in the first decade of the 21st century. In July 2000, CITIC bank became the first bank in China to be certified by the China Financial Certificate Authority for online banking. In July 2002, the bank improved its international standing by ranking 291st on the "Top 1000 World Banks" list released by The Banker magazine of the United Kingdom, ranking within the top 300 for the first time. In November 2006, the bank welcomed its first major foreign investment, when BBVA, the second largest bank in Spain, became a major shareholder.[4] This move established a co-operative relationship. On 27 April 2007, China CITIC Bank was listed on the Hong Kong and Shanghai stock exchanges.

In May 2017 the A share of the company was removed from the constituents of SSE 50 Index; it remained in SSE 180 Index.[5]

Banking achievements and facts
  • Ranked the 185th among the top 500 enterprises by market value in 2010 by the Financial Times.
  • Among the “Top 1000 World Banks” released by The Banker magazine of the UK, China CITIC Bank ranked 67th in the world in terms of tier-1 capital and 72nd in terms of total assets.
  • Currently the seventh largest bank in China.
  • A wholly owned subsidiary of China International Trust and Investment Corporation (CITIC), with assets of RMB 576 billion (US$71 billion).
  • First bank in China to be certified by the China Financial Certificate Authority for online banking.

Bank services

Being a local commercial bank, China CITIC bank currently offers a large range of services, including:

Personal finance Retailing banking, credit card, band card services, wealth management, private banking, savings, personal loans, financial services abroad and electronic banking services.

Corporate banking Financial organization services, international business, investment banking, supply chain financing, account settlement, financing services for small enterprises, trading services, cash management, asset management, international settlement and trade financing, capital market business, including foreign exchange businesses, bond businesses, trading of financing and derivative products, financial service platforms and financial solutions.

References
  1. Forbes Bank Statistics Forbes Statistic
  2. China CITIC Bank: Intro Archived 2012-10-03 at the Wayback Machine China CITIC Bank Official Introduction
  3. CITIC Bank Introduction 51Credit.com (Chinese)
  4. China CITIC Bank Intro Sina Finance (Chinese)
  5. 沪深300、上证50和中证500等指数2017年第一次定期调整样本股 (Press release) (in Chinese). Shanghai Stock Exchange. 31 May 2017. Retrieved 30 October 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.