People‘s Republic of China: Equity Investment in Bank of Hangzhou
In July 2006, the Asian Development Bank (ADB) approved the Equity Investment in Hangzhou City Commercial Bank in the People's Republic of China (PRC), an investment of up to $30 million for up to 5% of the shares of then Hangzhou City Commercial Bank, now known as the Bank of Hangzhou. ADB's actual investment amount was $27.645 million.
The Bank of Hangzhou is a city commercial bank in the Yangtze River Delta economic region of the PRC. At the time of ADB's investment, the government had recently launched its 11th Five Year Program, which included reform of the city commercial bank subsector as a priority by attracting qualified foreign investors to improve city commercial banks' management and governance. ADB invested in the Bank of Hangzhou to support the PRC government's efforts to reform its financial sector within cities.
This validation rates the extended annual review report as successful.
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