From Wikipedia, the free encyclopedia
State-owned commercial bank in Shanghai, China
Bank of Shanghai Co., Ltd.
(BOSC) is an
urban commercial bank
based in
Shanghai
in China. The bank was ranked 73rd among 1000 banks around the world by
The Banker
in terms of their
Tier 1 capital
in 2020.
[2]
History
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The Bank of Shanghai was founded on December 29, 1995, as the Shanghai City Cooperative Bank, by the merger of 98 City Cooperative Credit Unions of Shanghai, together with the Joint Union of the Shanghai City Cooperative Credit Unions. The company resolved to change its name to the "Bank of Shanghai" in 1998, and regulatory registration of the new name was completed in 2000. Headquartered in Shanghai, China, it is a listed company on the main board of the Shanghai Stock Exchange with stock code 601229. In September 1999 and December 2001, Bank of Shanghai received equity investments from
International Finance Corporation
of the
World Bank Group
,
The Hong Kong and Shanghai Banking Corporation
(HSBC) and The
Shanghai Commercial Bank
of
Hong Kong
.
[
citation needed
]
Prior to 1949, Shanghai was the main branch of HSBC, but its operations in mainland China had significantly scaled down in the 1950s. The Shanghai Commercial Bank was also based in Shanghai before the establishment of the People's Republic of China in 1949, but its mainland operations were nationalized in 1950.
On 11 December 2013, HSBC Hong Kong sold their 8.0% stake of the Bank of Shanghai to Spanish multinational banking group
Banco Santander
for an undisclosed fee (Santander announced that including the cooperation agreement, the total investment would be
€
470 million), which HSBC HK listed the stake as an available-for-sale asset with a fair value of
HK$
3.629
billion
(approx. US$468 million) in the balance sheet at 30 September 2013.
[3]
[4]
It was HSBC's successive disinvestment in the mainland China after selling
Ping An Insurance
in December 2012.
In 2016, the Bank of Shanghai applied the clearance for
IPO
. Since June 2017, it was part of
Shanghai Stock Exchange
's blue chip index:
SSE 50 Index
.
[5]
Shareholder
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]
- As of 31 December 2015
[1]
- Major Shareholders
According to the bank, 206 Chinese
state-owned enterprises
owned 56% stake of the share capital in total, as at 31 July 2015.
See also
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References
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External links
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