6th Sep 2005 09:05
Standard Chartered PLC06 September 2005 Standard Chartered PLC 6 September 2005 For Immediate Release Standard Chartered signs agreement on the formation of China Bohai Bank Beijing, 6 September 2005 - Standard Chartered is pleased to announce thecompletion of the Promoters Agreement of China Bohai Bank, marking the occasionwith a signing ceremony held in the Great Hall of People, Beijing and witnessedby Premier Wen Jia Bao of the People's Republic of China and UK Prime MinisterTony Blair. Standard Chartered, through its wholly owned subsidiary Standard Chartered Bank(Hong Kong) Limited, is the sole foreign strategic investor with a 19.99%interest in China Bohai Bank ("the Bank"). Standard Chartered's investment willbe approximately US$123 million in cash. China Bohai Bank is the first national joint stock commercial bank to be set upin the People's Republic of China since 1996, and is also the first nationaljoint stock commercial bank headquartered in Tianjin. China Bohai Bank is established using a "promoter" model, whereby its domesticand foreign promoters subscribe shares with cash. The initial capital isRenminbi 5 billion. Standard Chartered and the other Promoters are fullycommitted to making China Bohai Bank a successful, competitive andcustomer-focused bank. The other Promoters include Tianjin Teda InvestmentHolding Co. Ltd with a 25% interest, China Ocean Shipping (Group) Co. with13.67%, Shanghai Baosteel Group Corp. and State Development & Investment Corp.,both with 11.67%, Tianjin Trust & Investment Co. Ltd with 10% and TianjinShanghui Investment (Holding) Co. Ltd. with 8% interest. Standard Chartered has an uninterrupted history of commitment to China of over150 years. As China Bohai Bank's foreign strategic investor, Standard Charteredwill leverage its strong global resources and innovative product capabilities toensure the success of the new Bank. Speaking at today's ceremony, Bryan Sanderson, Chairman of Standard CharteredPLC, said, "I am honoured that Standard Chartered has been given the opportunityto participate in this exciting investment. We will leverage our internationalbanking experience to assist China Bohai Bank in many areas, including productdevelopment, risk management and governance". Bryan Sanderson continued to say, "I would also like to take this opportunity toexpress our sincere gratitude to the Tianjin government and all the otheresteemed Promoters for their efforts in laying a strong foundation for ChinaBohai Bank". Chinese banking veteran and former Chairman and President of the Import-ExportBank of China, Mr Yang Zilin, has been nominated the Chairman of China BohaiBank. Mr Ma Teng, former Head of Credit Cards business of Industrial &Commercial Bank of China, has been nominated to be the CEO of China Bohai Bank. Standard Chartered has nominated senior managers for the positions ofVice-Chairman, a Deputy CEO who is also a Director and Chief Risk Officer inChina Bohai Bank. We will make an appropriate announcement once thenecessary regulatory approval on the appointments has been obtained. - END - For further information please contact: Crystal Qian, Head of Corporate Communication, China Tel: 021 58871230 Ext. 7365 Gabriel Kwan, Senior Corporate Affairs Manager, Hong Kong, China & N.E Asia Tel: 852 9465 0366 Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered employs 42,000 people in 950 locations in more than 50countries in the Asia Pacific Region, South Asia, the Middle East, Africa, theUnited Kingdom and the Americas. Standard Chartered is one of the world's mostinternational banks, with employees representing 80 nationalities. Standard Chartered PLC is listed on both the London Stock Exchange and the StockExchange of Hong Kong and is in the top 25 FTSE-100 companies, by marketcapitalisation. It serves both Consumer and Wholesale Banking customers. Consumer Bankingprovides credit cards, personal loans, mortgages, deposit taking and wealthmanagement services to individuals and small to medium sized enterprises.Wholesale Banking provides corporate and institutional clients with services intrade finance, cash management, lending, securities services, foreign exchange,debt capital markets and corporate finance. Standard Chartered is well-established in growth markets and aims to be theright partner for its customers. The Bank combines deep local knowledge withglobal capability. The Bank is trusted across its network for its standard of governance andcorporate responsibility as well as its commitment to making a difference in thecommunities in which it operates. Standard Chartered set up its first branch in Shanghai in 1858, remainingthroughout the last 150 years. Now it has ten branches (Chengdu and Suzhou to beopened soon), one sub-branch and four representative offices in China. TheShanghai, Shenzhen, Beijing, Nanjing and Xiamen Branches can provide fullbanking services (including RMB) for corporate customers and foreign currencyservices for local citizens. The Nanjing Branch is the only foreign bank inJiangsu Province to be allowed to conduct RMB business. It was also among thefirst group of foreign banks to be granted the QFII custodian bank andderivative licence. www.standardchartered.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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