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Shanghai Bank to Go Public
Shanghai Bank (SB) will strive to make itself come up to the standards for listing within two years, revealed SB president Fu Jianhua on the fifth anniversary of the SB's establishment.
SB's assets will top 200 billion yuan in five years, he said, adding it will maintain a sustainable growth even if it gets listed.
It is learnt that, as a local shareholding commercial bank, SB has become one of the banks boasting the largest market share in Shanghai market. Its assets had leaped from 28.93 billion yuan on its debut to 93.65 billion yuan at the end of the third quarter of this year, up 224 percent, and its deposit balance jumped from 25.457 billion yuan to 81.125 billion yuan in the same period, up 219 percent. SB has reported an aggregate profit of 5.18 billion yuan in the past five years.
SB has ranked prominently among all the banks in China for five consecutive years in terms of profit and was listed as one of the top ten most profitable Chinese commercial banks. Last September, the International Financial Co, a member of World Bank Group, took a 5 percent state in SB. In addition, SB had also successfully taken over the international business from Aijian Financial Trust Co. (Panorama)
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