China CITIC Bank (simplified Chinese: 中信银行; traditional Chinese: 中信銀行; pinyin: Zhōng Xìn Yínháng)(SEHK: 0998 SSE: 601998) is China’s seventh-largest lender in terms of total assets. It is formerly known as CITIC Industrial Bank. China CITIC Bank, established in February 1987, is a nationally comprehensive and internationally oriented commercial bank. By end of October 2005, its network comprises 418 branches countrywide, and includes established correspondent relationships with 990 banks and their branches in 70 countries around the world.
China CITIC Bank is a wholly owned subsidiary of China International Trust and Investment Corporation (CITIC), with assets of RMB 576 billion (USD 71 billion). As of 2006, China CITIC Bank had a non-performing loan (NPL) ratio of 2.5% (RMB 11.1 billion). The bank’s capital adequacy ratio is 9.1%.
Since the bank has been listed in the Hong Kong Stock Exchange, it performs the poorest among the all pro-PRC financial stocks. It dropped below the IPO price, HK$5.80, and closed at HK$5.79 on 5 June 2007. It is the second Hong Kong China-based financial stock which drops below the IPO price, after People's Insurance Company of China.
Famous quotes containing the words china and/or bank:
“Riot in Algeria, in Cyprus, in Alabama;
Aged in wrong, the empires are declining,
And China gathers, soundlessly, like evidence.
What shall I say to the young on such a morning?—
Mind is the one salvation?—also grammar?—
No; my little ones lean not toward revolt.”
—William Dewitt Snodgrass (b. 1926)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)