In 2003, in order to reform the banking supervision system at that time, the State Council decided to set up the China Banking Supervision Committee. On April 28th of the same year, China Banking Regulatory Commission was officially listed; On February 27th, 65438, the Banking Supervision Law was promulgated.
On June 5438+ 10, 2003, the resolution of the Third Plenary Session of the 16th CPC Central Committee further clarified that qualified state-owned commercial banks should be selected for shareholding system reform, so as to speed up the disposal of non-performing assets, enrich capital and create listing conditions. Taking the road of shareholding system reform is the strategic choice for state-owned banks to get out of the predicament.
1, prelude
199365438+On February 25th, the State Council issued the "the State Council's Decision on Financial System Reform" (hereinafter referred to as the "Decision") and other documents, proposing to deepen the financial reform and transform China's workers' and peasants' construction into a large state-owned commercial bank from a professional bank. Therefore, the policy business was separated from the four major banks, and three specialized banks were established: CDB, Export-Import Bank and Agricultural Development Bank.
In order to solve the problem of bad assets accumulated by wholly state-owned banks for a long time, 1999, the State Council established four asset management companies directly under the State Council: China Huarong Asset Management Company (1999.10.19) and China Great Wall Asset Management Company (1999). China Xinda Asset Management Company (1999. 10) is responsible for solving the problem of non-performing assets of China Industrial and Commercial Bank, China Agricultural Bank, China Bank and China Construction Bank, laying the foundation for the four major banks to develop into large commercial banks.
Step 2 inject capital
On June 65438+February 65438+June 2003, Central Huijin Investment Co., Ltd. was incorporated.
On June 6, 2004, the central government creatively used foreign exchange reserves to inject capital into large commercial banks: Huijin Company took out 45 billion US dollars of foreign exchange reserves (totaling 372.465 billion RMB) to inject capital into China Bank and China Construction Bank, and introduced strategic partners, which marked the beginning of the shareholding system reform of state-owned commercial banks.
On August 24th, 2004, Bank of China Limited was formally established.
On September 2, 2004, KLOC-0, China Construction Bank Co., Ltd. was officially listed, marking the completion of the shareholding system transformation of China Bank and China Construction Bank.
In 2004, Bank of Communications supplemented its capital by issuing additional shares 1, 9 1 billion yuan, of which the Ministry of Finance, Huijin Company and Social Security Fund contributed 5 billion yuan, 3 billion yuan and 1 billion yuan respectively. Bank of Communications changed from a joint-stock commercial bank to a state-owned commercial bank through financial restructuring, and accumulated experience, which laid the foundation for establishing a truly modern financial company governance structure.
In April, 2005, Central Huijin took out US$ 654.38+0.5 billion in foreign exchange reserves to inject capital into ICBC.
In June, 2008, Central Huijin Company took out190 billion USD to inject capital into Agricultural Bank.
3. Introduce strategic investors.
After the establishment of joint-stock companies, under the coordination of financial supervision departments, state-owned commercial banks creatively carried out the work of introducing strategic investors.
On August 6, 2004, Bank of Communications and HSBC formally signed a strategic cooperation agreement. HSBC bought 7.775 billion shares of Bank of Communications 19.9% at the price of 1.86 yuan per share, making it the second largest shareholder after the Ministry of Finance, with an investment of 1.747 million US dollars.
On June 6th, 2005, China Construction Bank and Bank of America signed the final agreement on strategic investment and cooperation. According to the agreement, Bank of America will invest in CCB in stages, with a final shareholding of 65,438+09.9%. The initial investment is 2.5 billion US dollars to purchase CCB shares held by Huijin. On July 1 day, 2005, China Construction Bank signed a final strategic investment agreement with Asia Financial Holdings Pte Ltd, a wholly-owned subsidiary of Temasek, and Asia Finance purchased 5. 1.00% equity of China Construction Bank for1.46 million US dollars.
In August 2005, Bank of China cooperated with Royal Bank of Scotland and Temasek, with UBS Group AG AG in September, and with Asian Development Bank in June, 438+00; In March 2006, we signed an agreement with the National Social Security Fund. Five institutions have become new strategic investors. Royal Bank of Scotland invested a total of US$ 36,543.80 billion to buy 65,438+00% equity of Bank of China, half of which was sold to Goldman Sachs and Li Ka-shing private funds; Temasek acquired a 5% stake in Bank of China.
On June 27th, 2006, 65438, ICBC and Goldman Sachs Investment Group signed a strategic investment and cooperation agreement, and Goldman Sachs Investment Group invested US$ 3.78 billion to purchase the newly issued shares of ICBC. On April 28th, 2006, the capital delivery was successfully completed. At that time, the single investment of the largest foreign investor in China's financial industry accounted for about 8.89% of the total shares of ICBC.
As the last "lander" of the four state-owned banks, China Agricultural Bank Co., Ltd. was established in 2009. According to the situation of domestic and foreign capital markets at that time, it did not continue its previous experience to introduce overseas strategic investors, but only introduced several financial investors.
Step 4 list
On the basis of successful reorganization and introduction of strategic investors, state-owned commercial banks immediately launched initial public offering and stock listing:
On June 23, 2005, H shares of Bank of Communications were listed in Hong Kong.
On June 27th, 2005, 10, H shares of CCB were listed in Hong Kong.
On June 1 2006, H shares of BOC were listed in Hong Kong, and A shares of BOC were listed in Shanghai on July 5.
On June 27th, 2006, 10, ICBC A+H shares were listed simultaneously;
On May 15, 2007, Bank of Communications A shares were listed in Shanghai;
On September 25th, 2007, CCB A shares were listed in Shanghai.
On 2010 July 15 and June 16, ABC's A shares and H shares were successfully listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively. At this point, the shareholding system reform of state-owned commercial banks has come to a successful conclusion.