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China Construction Bank
From Wikipedia, the free encyclopedia
| China Construction Bank | |
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| Type | Joint stock company |
|---|---|
| Founded | 1954 |
| Headquarters | Beijing |
| Key people | Guo Shuqing, Chairman Chang Zhenming, CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | 260,000 |
| Slogan | CCB Build in modern life |
| Website | ccb.com |
The China Construction Bank (CCB) SEHK: 0939 (Simplified Chinese: 中国建设银行; Traditional Chinese: 中國建設銀行; pinyin: Zhōngguó Jiànshè Yínháng) is one of the 'big four' banks in the People's Republic of China.
CCB was founded on October 1, 1954 under the name of "People's Construction Bank of China" (中国人民建设银行; Zhōngguó Rénmín Jiànshè Yínháng), and later changed to "China Construction Bank" on March 26, 1996.
The chairman, Zhang Enzhao, resigned on March 16, 2005, citing "personal reasons". However, a lawsuit in the United States alleges that he received a bribe of one million dollars from Alltel Information Services, for securing a contract.
China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by their predecessor, China Construction Bank, under the PRC Company Law. Following the China Banking Regulatory Committee's approval on September 14, 2004, Jianyin and Huijin entered into a separation agreement, dated September 15, 2004, pursuant to which China Construction Bank was separated into their bank and Jianyin.
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In 2005, Bank of America acquired a 9% stake in China Construction Bank for $3 billion. It represented the company's largest foray into China's growing banking sector. Bank of America currently has offices in Hong Kong, Shanghai, and Guangzhou and is looking to greatly expand its Chinese business as a result of this deal.
In 2006, CCB acquired Bank of America (Asia), which started in 1912 in Hong Kong as Bank of Canton, and which has a subsidiary in Macao.
In late 2005, China Construction Bank made an initial public offering on the Hong Kong Stock Exchange (SEHK:0939). Since its listing, the share price has risen about 50% (since Feb 2006).