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China’s first private bank in Bourse |
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News |
June 16, 2000
BEIJING (AP) - China's first private joint venture commercial bank, Xiamen International Bank, plans to apply to list on a local stock exchange, Asian Development Bank official said Thursday.
"Certainly, we are looking for a listing," ADB Resident In China Bruce Murray said in a recent interview.
ADB holds a 10 percent stake in the commercial bank based in the Xiamen Special Economic Zone across the strait from Taiwan. Other stockholders include the Industrial and Commercial Bank of China with 18.75 percent, Min Xin Holdings Ltd. with 36.75 percent, Sino Finance Group Co. with 5 percent and Long-Term Credit Bank of Japan with 10 percent. Local Chinese firms hold the remaining equity.
The ADB has only recently set up a Resident Mission in China, despite financing several millions of dollars in infrastructure and technical assistance projects.
ADB provides technical assistance programs to the People's Bank of China and the China Securities Regulatory Commission. Both regulators will have to approve a stock listing by Xiamen International Bank.
Created in November 1985, the bank offers general banking services, provides export and import trade finance and foreign exchange services, but also has a license to engage in local currency business. |