Guangdong Development Bank
Encyclopedia
China Guangfa Bank previously Guangdong Development Bank , is a bank
based in Guangzhou
, Guangdong
in People's Republic of China
. The bank was established in September 1988 as a joint stock commercial bank.
The bank established its first "overseas" branch in the then Portuguese-administered Macau
in 1993, and its registered name is Banco de Desenvolvimento de Cantão, Sucursal de Macau (廣東發展銀行澳門分行).
China Guangfa Bank is a mid-size national bank with more than 500 branches in China. Based in the Guangdong province bordering Hong Kong, GDB has assets of $47.9 billion, 12 million consumer customers, 9 million bank cardholders, 16,000 small and medium-sized business customers and 12,474 employees. Its problems seem to lie in weak capitalization and a history of bad loans.
Citigroup has a 20% stake, while IBM holds 4.74%, keeping the two American companies below the 25% threshold for overall foreign ownership. China Life and State Grid each owns 20%, CITIC Trust, 12.85% and Puhua will hold the remaining 8% of the equity sold.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
based in Guangzhou
Guangzhou
Guangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
, Guangdong
Guangdong
Guangdong is a province on the South China Sea coast of the People's Republic of China. The province was previously often written with the alternative English name Kwangtung Province...
in People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
. The bank was established in September 1988 as a joint stock commercial bank.
The bank established its first "overseas" branch in the then Portuguese-administered Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
in 1993, and its registered name is Banco de Desenvolvimento de Cantão, Sucursal de Macau (廣東發展銀行澳門分行).
China Guangfa Bank is a mid-size national bank with more than 500 branches in China. Based in the Guangdong province bordering Hong Kong, GDB has assets of $47.9 billion, 12 million consumer customers, 9 million bank cardholders, 16,000 small and medium-sized business customers and 12,474 employees. Its problems seem to lie in weak capitalization and a history of bad loans.
Citigroup has a 20% stake, while IBM holds 4.74%, keeping the two American companies below the 25% threshold for overall foreign ownership. China Life and State Grid each owns 20%, CITIC Trust, 12.85% and Puhua will hold the remaining 8% of the equity sold.