BIZCHINA / Overseas Investment
ADB invests in city commercial bank in Hangzhou
(Xinhua)
Updated: 2006-08-24 14:56
The Asian Development Bank (ADB) will help reform China's commercial
banking sector on the city level by taking a minority stake in Hangzhou
City Commercial Bank, an ADB report said on Thursday.
ADB will invest up to 30 million U.S. dollars in Hangzhou City Commercial
Bank, one of the leading city commercial banks in China, equivalent to
about five percent of the total outstanding shares, the report said,
adding that the signing took place in Hangzhou on Thursday.
City commercial banks in China play a vital role in and around the cities
they serve, especially in the development of small- and medium-sized
enterprises. However, they have to address some significant issues before
they can improve, including strategic risk, poor corporate governance,
weak risk management, and low capital adequacy ratios
"Through this investment, ADB will be helping Hangzhou City Commercial
Bank in developing corporate governance and internal control procedures,
as well as in opportunities for commercial cooperation," said ADB
Principal Investment Officer William Willms.
Hangzhou City Commercial Bank is the fourth largest commercial bank in
Hangzhou, a city that thrives on private sector economy activity, with
about 26,000 corporate customers and 1.5 million individual customers,
said the report.
(For more biz stories, please visit Industry Updates)
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