China CITIC Bank Corp. Ltd. history and history video
“China Citic Bank History
In 1984, the chairman of CITIC group at the time, Rong Yiren, requested to the Chinese government that a banking division be created under his company, in order to fully embody the needs for foreign exchange. This move was approved by the People’s Bank of China, and a banking division was created under CITIC group in April 1985. At this point, the bank was based on the original finance department, expanding its operations regarding external financing, foreign exchange transactions, loans, international settlement, finance leases and deposits. In April 1987, the bank was formally established as a separate legal entity, following approval from the People’s Bank of China and the Chinese State Council.
China CITIC Bank’s businesses has flourished in the last decade. In July 2000, CITIC bank became the first bank in China to be certified by the China Financial Certificate Authority for online banking. In July 2002, the bank improved its international standing by ranking 291st on the “Top 1000 World Banks” list released by The Banker magazine of the United Kingdom, ranking within the top 300 for the first time. In November 2006, the bank welcomed its first major foreign investment, when BBVA, the second largest bank inSpain, became a major shareholder. This move established a positive co-operative relationship. On 27 April 2007, China CITIC Bank was successfully listed on both the Hong Kong and Shanghai stock exchanges respectively. Within the early 21st century, CITIC bank has grown to become a rising national bank with a solid competitive edge.”
*Information from Forbes.com, Wikipedia.org, and www.citicbank.com
**Video published on YouTube by “TBCFI“