Dongguan Rural Commercial Bank
Dongguan Rural Commercial Bank on Wednesday debuted a village bank in Huizhou city, its first operation established outside the base city of Dongguan.
The village bank, named Huizhou Zhongkai Dongying Village Bank, held an inauguration meeting and its first shareholder meeting on Wednesday, and will strive to start operation on December 17. It is the first village bank in Huizhou city.
Dongguan Rural Commercial Bank controls 51% of the village bank with CNY 153 million investment. Eight other shareholders, all of whom are local private enterprises, own the remaining 49% stake with CNY 147 million investments.
Dongguan Rural Commercial Bank was founded last December through a restructuring of former Dongguan Rural Credit Cooperative. It now runs a network of 526 outlets across Dongguan. Its deposits have increased more than CNY 10 billion since the start of 2010 to total CNY 107.4 billion, marking it the largest bank in Dongguan.
The bank's assets touched CNY 110.3 billion as of December 31, 2009 and capital adequacy ratio was 17.41%, far bigger than the regulatory requirement of 8%. Last year's net profit reached CNY 1.384 billion.
