The story
China Zheshang Bank trances its roots from Zhejiang Commercial Bank that was formed in 1993 in Ningbo, Zhejiang Province of China. The Zhejiang Commercial Bank was a Sino-foreign bank jointly owned by Bank of China, Hong Kong Nanyang Commercial Bank, Bank of Communications, and the Zhejiang International Trust and Investment Co.
On 30 June 2004, the China Banking Regulatory Commission approved the restructuring, renaming and relocation of Zhejiang Commercial Bank. On 18 August 2004, China Zheshang Bank was officially opened as a new bank in Hangzhou.
Once launched, the bank structured its overall business strategy in two five-year phases:
Phases 1 - 2004 to 2008 - The main focus was the Zhejiang province market.
Phases 2 - 2009 to 2013 - To focus on the developed regions of China.
As of December 2014, China Zheshang Bank had a registered capital base of CN¥ 11.5 billion, total assets of CN¥ 6,700 billion, CN¥ 360 billion in customer deposits and CN¥ 260 billion in issued loans.
In September 2015, CZB announced plans to raise around US$1 billion through an IPO and listing on the Hong Kong Stock Exchange. The listing details were yet to be announced as at the end of October 2015.
From Wikipedia’s article on China Zheshang Bank, shared under CC BY-SA 4.0.3