China Minsheng Banking Corp. Profile
China Minsheng Banking Corp., Ltd. (CMBCL) operates in the banking industry in China. The bank engages in generating deposits and originating loans. It also offers online banking service. As of December 31, 2004, the bank operated 17 branches in Beijing, Guangzhou, Shanghai, Shenzhen, Wuhan, Dalian, Hangzhou, Nanjing, Chongqing, Xi'an, Fuzhou, Jinan, Taiyuan, Shijiazhuang, Chengdu, Ningbo and Tianjin; and a direct-reporting sub-branches in and Shantou. The total number of organizations increased to be 216. The bank has also established correspondent banking relationship with 608 overseas banks in 77 nations and regions.
The bank’s deposit products consist of current deposit, demand deposit, education deposit, personal call deposit, foreign exchange deposits, and time deposit. It offers short, medium, and long term loans, as well as trusted loans. It invests in treasury and financial bonds.
CMBCL’s various other services include domestic and international settlement, bills discounting, issuing financial bonds; acting as an agent for issuing, cashing, and underwriting government bonds; buying and selling government bonds; engaging in inter-bank borrowing, buying, and selling; acting as an agent for buying and selling foreign currencies and other financial derivatives; and wealth management in foreign currency.
The bank also provides letter of credit service and guarantees; agent service of collection and payment, and insurance; safe-box services; and other financial services.
Joint Venture
Royal Bank of Canada has entered into a joint venture agreement with China Minsheng Banking Corp., Ltd. (China Minsheng Bank) to launch a new Chinese joint venture fund management company. The joint venture company would create, manage and sell mutual funds in local currency to retail and institutional investors in China. Royal Bank of Canada would hold a 30% interest in the joint venture, China Minsheng Bank would hold an interest of 60% and Three Gorges Finance Co., Ltd. would hold a 10% interest.
Significant Events
China Minsheng Banking Corp. Ltd. announced the launch of Minsheng Financial Leasing Co. Ltd. in North China's Tianjin, the bank-backed financial leasing firm in the country.
History
China Minsheng Banking Corp., Ltd. was founded in 1996 in Beijing.
