Bohai Bank
Encyclopedia
Bohai Bank is a commercial bank
in Tianjin
, China
. The capital of the bank is 5 billion yuan
(US$616.5 million).
The bank was the brainchild of the Tianjin mayor (and previous Head of the Peoples Bank of China) Mr Dai Xiang Long who turned a national banking licence for Tianjin, that had been promised to the city in the mid 1990s, into reality and in the process kicking off an important upgrading of the Tianjin financial system. This was the 1st national banking licence to have been approved by the State Council since Minsheng Bank in 1995.
The precondition for the national licence, stipulated by the regulators, was that foreign expertise should be brought in to ensure that the bank could herald a new era for Chinese banking following the modern organisational design of western banks, in particular the risk management system and product development approach.
In turn a small set up team was formed from local bank officials, led by Mr Sun Li Guo, and a beauty contest was held for the foreign banking partner. Standard Chartered Bank was selected as Strategic investor and a 19.99% shareholding was agreed. Other investors included TEDA, Cosco, BaoSteel, SDIC, with TEDA taking the lead role with a 25% shareholding.
The first appointed official of the bank was from Standard Chartered, an Englishman, Mr Simon Page, the Chief Risk Officer who took up the post in October 2004. The Head of Wholesale Bank was a Swiss national, Mr Rolf Berweger. A group of officials and technical experts from Standard Chartered Bank joined the set up team and the preparation for the bank began under the guidance of the project director Mr Clive Haswell, pulling together business strategy, technical & IT infrastructure, policies and procedures.
In August 2005 the Chairman and Chief Executive were selected, Mr Yang Zi Lin and Mr Ma Teng and the business licence was approved on 31 December 2005. The Chief Financial Officer, Mrs Guo Rong Li, Chief Technology Officer, Mr Liu Zheng Quan, Head of Consumer Bank, Mr Phang Yew Kiat were also appointed.
The first branch opened in Tianjin on 16 February 2006 and offered basic retail banking deposit services and corporate banking lending, trade and deposit services.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Tianjin
Tianjin
' is a metropolis in northern China and one of the five national central cities of the People's Republic of China. It is governed as a direct-controlled municipality, one of four such designations, and is, thus, under direct administration of the central government...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
. The capital of the bank is 5 billion yuan
Renminbi
The Renminbi is the official currency of the People's Republic of China . Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC...
(US$616.5 million).
The bank was the brainchild of the Tianjin mayor (and previous Head of the Peoples Bank of China) Mr Dai Xiang Long who turned a national banking licence for Tianjin, that had been promised to the city in the mid 1990s, into reality and in the process kicking off an important upgrading of the Tianjin financial system. This was the 1st national banking licence to have been approved by the State Council since Minsheng Bank in 1995.
The precondition for the national licence, stipulated by the regulators, was that foreign expertise should be brought in to ensure that the bank could herald a new era for Chinese banking following the modern organisational design of western banks, in particular the risk management system and product development approach.
In turn a small set up team was formed from local bank officials, led by Mr Sun Li Guo, and a beauty contest was held for the foreign banking partner. Standard Chartered Bank was selected as Strategic investor and a 19.99% shareholding was agreed. Other investors included TEDA, Cosco, BaoSteel, SDIC, with TEDA taking the lead role with a 25% shareholding.
The first appointed official of the bank was from Standard Chartered, an Englishman, Mr Simon Page, the Chief Risk Officer who took up the post in October 2004. The Head of Wholesale Bank was a Swiss national, Mr Rolf Berweger. A group of officials and technical experts from Standard Chartered Bank joined the set up team and the preparation for the bank began under the guidance of the project director Mr Clive Haswell, pulling together business strategy, technical & IT infrastructure, policies and procedures.
In August 2005 the Chairman and Chief Executive were selected, Mr Yang Zi Lin and Mr Ma Teng and the business licence was approved on 31 December 2005. The Chief Financial Officer, Mrs Guo Rong Li, Chief Technology Officer, Mr Liu Zheng Quan, Head of Consumer Bank, Mr Phang Yew Kiat were also appointed.
The first branch opened in Tianjin on 16 February 2006 and offered basic retail banking deposit services and corporate banking lending, trade and deposit services.