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Australia's CBA eyes 20% of China's Jinan Bank

(Agencies)
Updated: 2008-09-04 09:58

Commonwealth Bank of Australia has applied to raise its stake in China's Jinan City Commercial Bank to the maximum allowed 20 percent level, the Chinese bank's chairman said.

CBA, Australia's number-two lender, acquired an 11 percent strategic stake in the city bank in the wealthy province of Shandong in 2004 for 143 million yuan , with an option to increase its investment later.

"The two sides have now reached an agreement and applied to the banking regulator," Jinan City Commercial Bank chairman Qiu Yunzhang said. "We've worked out the pricing."

CBA spokesman Bryan Fitzgerald said: "We have increased our investment because we've had the holding in the bank for some time, and it's a good performing bank. We see this as a good investment."

Jinan City Commercial Bank, which had total assets of 42.6 billion yuan at the end of June, aims to list domestically within the next three years, Qiu said.

He said the bank would also like to open five or six branches in different cities during that time, as it tries to make itself into more of a regional player. Along with its base in Jinan, the bank already has a presence in the northern port city of Tianjin.

Qiu said the partnership with CBA was proceeding very well, allowing Jinan City Commercial Bank to improve its loan product offerings as well as its management and staff skills.

The China Banking Regulatory Commission is canvassing domestic banks about their experience in selling stakes to strategic overseas investors before deciding on whether to raise the 20 percent cap on foreign bank ownership.

China has over 100 city commercial banks, which generally focus on business in just one city. The banking regulator has encouraged foreign banks to invest in them and help build them into stronger regional lenders.

CBA also has a 19.9 percent stake in Hangzhou City Commercial Bank.