Bank of Qingdao
Bank of Qingdao is a provider of retail and corporate banking services in Shandong province, headquarters are in Qingdao, China. Bank of Qingdao is regulated by the People's Bank of China, the nation's central bank.
Overview
, the total asset valuation of the bank was approximately US$24.54 billion, with shareholder's equity of about US$1.76 billion, 3,023 employees and a branch network of eighty six branches in nine cities and sixty one sub-branches.In May 2016, the US based Forbes magazine ranked Bank of Qingdao at 1,791 in its list of The World's Biggest Public Companies, 1,790 in Profit and 826 in total assets. The bank was among top 300 Asian banks and China's top 500 service enterprises in 2015.
History
Bank of Qingdao was founded on 15 November 1996 as Qingdao City Cooperative Bank. This was by way of merger of 21 urban cooperatives in Qingdao. In 1998, the bank's name was changed to Qingdao commercial Bank so as to target a larger client base. The shareholders of these cooperatives became the founder shareholders in the newly developed bank.In 2001, Haier took majority control of the bank after six of its subsidiaries acquired stake in the bank. This acquisition was made by Haier through its subsidiaries as the Chinese laws did not allow a non-financial institution to own more than ten percent of a bank. Haier's investment enabled the bank to invest in the SilverLake system. This made Qingdao Commercial Bank the first institution in China to adopt the system. The bank received investment from Qingdao Conson in 2005.
In 2008, Italy based Intesa Sanpaolo acquired a twenty percent stake in the bank for $135m. This was followed by an investment of €25.4m from Rothschild Continuation Holdings for a five percent stake in the bank. These acquisitions made ISP and Rothschild the first foreign investors in the bank and was part of a broader fundraising that more than doubled the bank's capital. In 2008, the bank's was rebranded to Bank of Qingdao and it expanded its operations outside Qingdao.
In November 2015, Bank of Qingdao listed H shares on the Hong Kong Stock Exchange after a successful initial public offering. The bank managed to raise US$607 million in the public offering. The offer was undersubscription due to a volatile market. The IPO was underwritten by Goldman Sachs and CITIC Securities with BNP Paribas, Banca IMI and Rothschild as part of the transaction advisors. The IPO also saw the shares of the major shareholders listed on the HKSE making it possible for them to exit the venture through the stock exchange.
Ownership
The shares of the stock of Bank of Qingdao are traded on the Hong Kong Stock Exchange, under the ticker: 3866., prior to the IPO, the shareholding in the bank's stock was as depicted in the table below:| Rank | Name of Owner | Percentage Ownership |
| 1 | Haier and Associate Companies | 26.10 |
| 2 | Intesa Sanpaolo of Italy | 20.00 |
| 5 | Qingdao Conson | 17.13 |
| 5 | Rothschild Continuation Holdings | 3.18 |
| 5 | Other | 33.59 |
| Total | 100.00 |