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Zhongyuan Bank is a commercial bank in mainland China that provides financial services. The bank provides services including personal banking, corporate banking, microloans, wealth management and internet banking.
| Company type | |
|---|---|
| SEHK: 1216 | |
| Industry | Financial services |
| Founded | December 23, 2014 |
| Headquarters | Zhongke Jinzuo, Zhengzhou , |
Area served | Henan |
Key people | Guo Hao (Chairman), Wang Jiong (President) |
Number of employees | 13,000 |
It was founded on December 23, 2014, in Zhengzhou, Henan. According to Forbes, As of 2022[update] it had a market cap of US$2.8 billion and US$5 billion in sales.[1]
History
editZhongyuan bank was created in 2014 from the merger of 13 smaller banks in Henan.
According to the bank's website, the bank hosted study events for its staff in communist party history as well as ideology in 2021 and celebrated the Chinese Communist Party's 100 year anniversary.[2]
In 2021, in answer to a government push for smaller banks to consolidate in order to contain risks in the financial system, Zhongyuan announced that it would merge with three other banks, including Bank of Luoyang, Bank of Pingdingshan and Bank of Jiaozuo China Travel Services Co. The Bank of Luoyang was one of a number of banks that had financed China Evergrande Group, a large mainland China real estate developer that ran into serious financial difficulties in late 2021.[3]
In August 2022, Liu Kaisheng took over the role of vice-president and Wang Jiong took over the role as president.[4]
In September 2022, Nikkei Asia reported that Zhongyuan bank was being exposed to large unpaid real estate loans and that in June 2022 it had the fourth highest nonperforming loan ratio in the real estate sector among Chinese banks.[5]
In September 2022, it was reported that real estate enterprise shareholders in Zhongyuan Bank as well as two other institutions had loaned over 600 million yuan to Furen Pharmaceuticals, and Furen was having difficulties paying this back.[6]
In September 2022, Zhongyuan Bank and Zhongyuan Consumer Finance together held an anti-fraud art show outside the People's Bank local branch in Zhengzhou.[7]
In September 2022, Zhongyuan Bank hosted a conference on automotive financial products in Zhengzhou.[8]
Other
editThe Chief Economist of Zhongyuan bank, Wang Jun, made remarks published in the BBC in April 2022 about China's economic outlook. He said that China's economic growth in 2022 was falling short of the growth goal of 5.5% that had been set by the government. He said that economic growth in the second quarter of 2022 would be under great pressure, and that whether or not economic strength could be maintained was reliant upon how flexible China would be with its pandemic measures as well as policy supports for the economy.[9]
Wang Jun made further remarks about China's economic issues which were quoted by the Guardian in August: "“We are now facing a typical liquidity trap problem. No matter how loose the credit supply is, companies and consumers are cautious in taking on more debt,...Some of them are now even paying back their debt in advance. This may herald a recession.”[10]
References
edit- ^ "Zhongyuan Bank | Company Overview & News". Forbes. Retrieved 2024-01-25.
- ^ "党建动态". www.zybank.com.cn. Retrieved 2024-01-25.
- ^ "China's Zhongyuan Bank to merge with 3 local lenders in sector consolidation". Reuters. September 2, 2022. Retrieved April 25, 2022.
- ^ "万亿级城商行高管变动！中原银行副行长刘凯升任行长，首任行长王炯任副董事长 | 每经网". www.nbd.com.cn. Retrieved 2024-01-25.
- ^ Kawase, Kenji (September 2, 2022). "Chinese bank exposure to developers' bad loans piles up". Nikkei Asia. Retrieved September 26, 2022.
- ^ "中原银行房企股东多次质押股权融资 向辅仁药业发放贷款逾期金额超亿元". finance.sina.com.cn. 2022-09-16. Retrieved 2024-01-25.
- ^ "上演反诈文艺汇演"云直播"丨中原银行携手中原消费金融将金融知识宣传推向高潮 - 中原经济网 - 河南经济报网 - 河南经济报社主办". www.zyjjw.cn. Retrieved 2024-01-25.
- ^ 网易 (2022-09-23). "重磅！中原银行举办汽车金融产品发布会，全力下好"促消费 稳经济"的大棋". www.163.com. Retrieved 2024-01-25.
- ^ "中国经济：一季度增长4.8% 高于预期 但低于全年目标". BBC News 中文 (in Simplified Chinese). 2022-04-18. Retrieved 2024-01-25.
- ^ "China's economy slows unexpectedly as Covid outbreaks and property crisis bite". The Guardian. August 15, 2022. Retrieved September 26, 2022.
External links
edit- Official website (in Chinese)