COFCO obtained 100 million stocks of Industrial Bank on September 29 through open auction, accounting for a 2.5% of the bank’s total stock. This makes COFCO the banks seventh largest stockholder.
The auction process began with the submission of sealed bids, after which all bids were publicly opened. COFCO was victorious at this stage.
Industrial Bank (formerly Fujian Industrial Bank) was set up in Fuzhou in August 1988. This is the fifth commercial bank to be converted to a stock system, following on the heels of the Bank of Communication, CITIC Industrial Bank, China Merchants Bank and Shenzhen Development Bank. As of the end of June 2005, Industrial Bank had assets exceeding 400 billion yuan. In the latest list of the top 1,000 banks in the world published by the British “Banker” magazine, Industrial Bank was rated number 210 based on total assets and number 325 on core capital.
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COFCO Obtains 100 Million Stocks of Industrial Bank
Release Time : 2012-03-20
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