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Bank of Nanjing

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Bank of Nanjing Co. Ltd.
Native name
南京银行股份有限公司
FormerlyNanjing City Commercial Bank
Company typePublic
SSE: 601009
IndustryFinancial services
FoundedFebruary 6, 1996 (28 years ago) (1996-02-06)
HeadquartersNanjing, Jiangsu, China
Key people
Xie Ning (Chairman)
Zhu Gang (President)
Increase CN¥45.16 billion (2023)
Increase CN¥18.63 billion (2023)
Total assetsIncrease CN¥2.23 trillion (2023)
Total equityIncrease CN¥172.59 billion (2023)
OwnersBNP Paribas (15.24%) (2023)
Number of employees
16,342 (2023)
Capital ratioTier 1 11.40% (2023)
Websitewww.njcb.com.cn
Footnotes / references
[1]

Bank of Nanjing (NJBK; Chinese: 南京银行; pinyin: Nánjīng Yínháng) is a Chinese joint-stock commercial bank founded in 1996 and headquartered in Nanjing, Jiangsu. Its largest single shareholder is BNP Paribas.

Background

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Nanjing City Commercial Bank (NCCB) was founded in 1996 through a merger of 40 urban credit cooperatives in the city of Nanjing.[2][3]

In November 2001, the International Finance Corporation (IFC) acquired a 15% stake in NCCB for US$27 million. The funding would be used to strengthen the bank's capital base and institutional capacity.[2][4]

In October 2005, BNP Paribas acquired a 19.2% stake in NCCB for an undisclosed price which included IFC's stake.[4][5]

In March 2007, NCCB was renamed to Bank of Nanjing as part of the bank's development and modernisation.[6] In July 2007, NJBK held its initial public offering becoming a listed company on the Shanghai Stock Exchange. BNP Paribas which had backed the offering diluted its stake to 12.7% afterwards.[7][5]

NJBK had become a major player in China's government bond market. In 2013, NJBK established an asset management firm named Xin Yuan Asset Management which became its primary partner in packaging loans as investments. Instead of traditional loans, Xin Yuan would create a high-yield investment product that NJBK marketed to its own retail customers. From 2013 to 2015, NJBK's assets nearly doubled.[3]

In September 2021, the People's Bank of China and the China Banking and Insurance Regulatory Commission added NJBK to its Systemically important financial institution list.[8]

References

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  1. ^ "2023 Annual Report" (PDF). Bank of Nanjing.
  2. ^ a b "IFC Invests $27 Million in Nanjing City Commercial Bank". IFC. 28 November 2001. Retrieved 22 June 2024.
  3. ^ a b Wei, Lingling (7 December 2016). "China's Banks Are Hiding More Than $2 Trillion in Loans". Wall Street Journal. Archived from the original on 8 November 2023. Retrieved 22 June 2024.
  4. ^ a b "BNP Paribas buys into Nanjing bank". South China Morning Post. 12 October 2005. Archived from the original on 22 June 2024. Retrieved 22 June 2024.
  5. ^ a b "BNP Paribas Boosts China Bet With Bank of Nanjing Stake". Bloomberg News. 13 December 2012.
  6. ^ "Nanjing City Commercial Bank becomes Bank of Nanjing and enters a new stage in its development". BNP Paribas. 29 March 2007. Archived from the original on 11 January 2020. Retrieved 22 June 2024.
  7. ^ Loader Wilkinson, Tara (5 July 2007). "BNP Paribas-backed bank plans Shanghai IPO". Financial News London. Archived from the original on 22 June 2024. Retrieved 22 June 2024.
  8. ^ Wu, Xiaomeng (23 September 2023). "Bank of Nanjing Joins China's List of 'Too Big to Fail' Banks - Caixin Global". www.caixinglobal.com. Archived from the original on 22 June 2024. Retrieved 22 June 2024.
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