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Bank of carbon composite Communications to set up credit card JV with HSBC
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Bank of Communications to set up credit card JV with HSBCPublished: 29 Oct 2009 01:02:01 PSTThe Hong Kong and Shanghai Banking Corporation Limited (HSBC) and China’s Bank of Communications announced Wednesday that after negotiations, the two banks will set up a credit card joint venture.According to the announcement, the joint venture will be based in Shanghai and specialize in credit card and unsecured consumer finance operations based on credit cards.Qian Wenhui, vice president of the Bank of Communications explained that the joint venture on credit cards is the most important part of their cooperation. "The cooperation on credit cards between both sides is exclusive and the two companies will not issue credit cards alone except for this joint venture," he said.The registered capital of the joint venture is 2.5 billion yuan, among which the Bank of Communications contributed 2 billion yuan, holding 80 percent of the shares in the venture, and HSBC contributed 1.158 billion yuan, or the remaining 20 percent.Within the 1.158 billion yuan that HSBC has invested, 658 million yuan is from the premium price of its share capital. Qian explained that the joint venture is established on the basis of the Pacific Credit Card Center, which previously belonged to the Bank of Communications, so this cooperation is equal to the cooperation of all the existing business of the Bank of Communications with HSBC, thus resulting in an existing premium price.The two banks also announced they will submit an application of the joint venture to relevant regulatory organizations. Qian said the proportion of the number of shares both sides will hold and the share price may have to be fine-tuned while waiting for approval from relevant regulatory bodies.According to China Banking Regulatory Commission (CBRC) rule about foreign-capital’s investment in Chinese financial organizations, the foreign capital cannot hold more than 20 percent of shares in the joint venture.HSBC has invested in the Bank of Communications since 2004 and has provided management and technology support to Pacific Credit Card Center since then. At present, the center has issued more than 11 million cards and these cards will be transferred to the new joint venture in the future.Currently, the committee system has been adopted in the management system of Pacific Credit Card Center and in both companies’ accredited management committee. In addition, in the present management system, the CEO is from HSBC and the vice CEO is from Bank of Communications. But Qian said that after the joint venture is established, it will follow the management of a corporation, and the senior executives will be hired by the board of directors.So far, HSBC holds a 19.01 percent stake in the Bank of Communications and HSBC has more than 60 cooperation projects with the bank covering yuan cross-border settlement, capital management, and credit cards. Explore the World, Understand China!Please log on http://www.gloaltimes.cnクレジット 現金化 lithium polymer Share trading 粉体混合机 除湿机 北京翻译公司 引越し 見積もり XP系统下载