Ping An Bank, the full name of Ping An Bank Co., Ltd., is a cross-regional joint-stock commercial bank controlled by China Ping An Insurance (Group) Co., Ltd., and one of Chinese mainland 12 national joint-stock commercial banks. The registered capital is 565,438 yuan+23.35 million yuan and the total assets are nearly 65,438 yuan +0.37 trillion yuan. Its headquarters is located in Shenzhen, Guangdong Province.
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Ping An Bank Development
Establish Fujian Asian Bank
Fujian Asia Bank was established in February, 1992, 1993. As a joint venture bank established in response to the pilot of foreign investment in the financial sector, Fujian Asia Bank, jointly funded by China Bank Fujian Trust Consulting Company and Hong Kong Zhongya Finance Co., Ltd., was officially opened on June 26th with the approval of the People's Bank of China. 1993.
On February 29th, 2003, with the approval of China Banking Regulatory Commission, Ping An Insurance Group and Hongkong and Shanghai Banking Corporation (HSBC) formally acquired 0/00% shares of Fujian Asia Bank.
According to the acquisition agreement, HSBC spent no more than US$ 20 million to acquire a 50% stake in Fujian Asia Bank; Ping An Insurance Group acquired the remaining 50% equity through its Ping An Trust and Investment Company.
Since then, Ping An Insurance Group has continued to inject another US$ 23 million into Fujian Asia Bank, thus increasing the total amount of injected funds to US$ 50 million, holding 73% of the shares of Fujian Asia Bank and diluting the shares held by HSBC to 27%. The acquisition cost Ping An Trust US$ 43 million, totaling RMB 356 million at the current exchange rate.
Renamed Ping An Bank
On February 19, 2004, Fujian Asia Bank was renamed Ping An Bank, and its headquarters was moved from Fuzhou to Shanghai. Ping An Bank became the first commercial bank named after an insurance brand in China. This acquisition enabled Ping An Insurance to bypass the policy barriers and expand its business scope to the fast-growing banking industry in China.
Reference source Baidu Encyclopedia-Ping An Bank