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Commonwealth Bank increases stock in Qilu Bank

By Chen Weihong and Ju Chuanjiang (China Daily Shandong Bureau)
Updated: 2009-06-09 16:36

The Commonwealth Bank of Australia increased its stake in Qilu Bank from their original 11 percent to 20 percent, to now make it the latter’s biggest shareholder.

Jinan City Commercial Bank changed its name into Qilu Bank on June 6 and according to Qiu Yunzhang, president of Qilu: “The share proportion of Qilu Bank the foreign-funded bank holds has reached the maximum set by China Banking Regulatory Commission. However, it is still a Chinese-foreign cooperative shareholding bank.”

The governor of Qilu Bank, Guo Tao made it clear that their cooperation is progressing smoothly, and Qilu is introducing their partner’s management experience and expertise in IT, credit card, credit management, risk management, marketing, financial management, funds management among other products and services.

Jinan City Commercial Bank signed a strategic cooperation agreement with Commonwealth Bank of Australia (CBA) on September 8, 2004. CBA invested 143 million yuan to purchase an initial 11 percent shareholding in Jinan City Commercial Bank.

The Commonwealth Bank of Australia is the fourth largest Australian listed company, offering business in banking, life insurance and funds in 12 countries and regions.