| |
Founded in 1987, China CITIC Bank (601998.SH; 0998.HK), formerly known as CITIC Industrial Bank, is one of the earliest emerging commercial banks established during China’s reform and opening up and among China’s first commercial banks engaging in financing in domestic and international financial markets. It is famous home and abroad for creating numerous number ones in Chinese contemporary financial history. With the rapid development of China’s economy, CITIC Industrial Bank got a consistent growth in the tide of China’s financial market reform, and had its name officially changed to China CITIC Bank in August 2005. In December 2006, China CITIC Bank Corporation Limited was set up with CITIC Group and CITIC International Financial Holdings Limited (CIFH) as shareholders. The year 2006 also witnessed China CITIC Bank’s introduction of a strategic investor ---Banco Bilbao Vizcaya Argentaria S.A. (BBVA), a leading bank in Europe, and established a reciprocal and complementary strategic cooperation relationship,. On 27 April 2007, China CITIC Bank was successfully listed on both Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. In 2009, China CITIC Bank successfully accomplished its acquisition of the 70.32% equity interest in CIFH. Over the past two decades, China CITIC Bank has grown to be one of the domestic commercial banks with strong capital base and become a fast growing national commercial bank with great comprehensive competitive edge.
China CITIC Bank boasts a management team with outstanding performance and rich experience, among which are all celebrated experts with dedication of more than 20 years in the field of finance, as well as innovative concept in management and comprehensive experience in operation. In recent years, under the leadership of such a team, China CITIC Bank has adopted the business management philosophy of “insisting on the coordinated development of profit, quality and scale”, “pursuing a risk- adjusted profit”, “seeking for a market capitalization with stable growth” and “striving to take the lead among banks from home and abroad”, according to which China CITIC Bank has developed actively the corporate banking business, retail banking business, international business, treasury and capital market business, investment banking business, auto financing business, custody business, credit card business and private banking business. In addition, China CITIC Bank is endowed with the capability of providing first-rate services for corporate customers, and has won favorable reputation in financial sector with its leading international trade settlement business, logistics financing business and treasury and capital market business, as well as its innovation in developing investment banking business and its distinct strategy for developing retail banking business.
China CITIC Bank’s business covers nearly 130 countries and regions all over the world with 78 branches and 622 sub-branches in Chinese Mainland mainly located in Eastern coastal regions and economically developed cities in central and Western regions. China CITIC Bank has a total of over 33,000 employees, among which more than 26,000 business personnel, with high quality financial service, provide corporate customers with integrated financial solutions including corporate banking, international business, treasury and capital market business and investment banking business, and provide individual customers with vast varieties of financial products including wealth management, credit card, consumer credit, private banking and go-abroad financial service products.
Having established an independent, comprehensive, vertical and professional risk management system, China CITIC Bank pursued a risk-adjusted profit with increasing efforts made in developing its capability in using risk quantification technique. China CITIC Bank also strengthened the capital constraint management and upgraded the assets management and internal management on a consistent basis in accordance with the Basel Accord and the requirements of risk management. Furthermore, China CITIC Bank has made dramatic improvement in assets quality in recent years, and its NPL ratio is much lower than the average level of listed banks.
In recent years, China CITIC Bank has won wide recognition in financial sector and affirmation from authorities from home and abroad due to its rapid business growth, excellent management capability, outstanding financial performance and prudential risk control. China CITIC Bank ranked the 185th among the “2010 Global Top 500 Enterprises in market value” released by The Financial Times of the United Kingdom. Among “Top 1000 World Banks” released by The Banker magazine of the United Kingdom, China CITIC Bank ranked the 67th in terms of tier-1 capital and the 72th in terms of total assets. The Bank, with a brand value of USD 2.342 billion, ranked the 480th among the Brand Finance Global 500l brands in the evaluation in 2010conducted by Brand Finance, a British brand consulting company, . Moreover, China CITIC Bank was awarded the “Best Joint Stock Commercial Bank of the Year” for two consecutive years in the “2008-2010 Chinese Financial Institution Golden Medal List and the Golden Dragon Election” jointly organized by Financial News Press and Chinese Academy of Social Sciences.
|
