[Shenzhen, China] August 1st, 2012 18:00
Shenzhen Development Bank (with the stock name of SDB and the stock code of 000001 at the Shenzhen Stock Exchange) submitted an announcement to the Shenzhen Stock Exchange today, saying that with approval from China Banking Regulatory Commission and verification by the Administration for Industry and Commerce, Shenzhen Development Bank Co., Ltd. (hereinafter shortened as SDB) changed its Chinese name to 平安银行股份有限公司, and changed its English name from “Shenzhen Development Bank Co., Ltd.” to “Ping An Bank Co., Ltd.” (Ping An Bank) from July 27th, 2012. Upon application by the Bank and approval by the SZSE, the original stock name of SDB will be changed to “PAB” with the stock code of 000001 remaining changed from August 2nd, 2012. Renaming, as an event of milestone significance during the process of 2-bank integration, marks the fact that the banking business under PAG, an integrated finance pilot group, will drive into a fast lane.
Renaming will not exert impact on customers
So far, SDB HQ has completed relevant change procedures, obtained the new Corporate Business License, and started to use the new official seals. Work related to change of business licenses and official seals of its branches/outlets are under way successively. Branches and outlets’ business seals, vouchers and signages will be changed accordingly later. At the current stage, the branches/outlets and business units under SDB will continue to conduct business, sign contracts or engage in other business activities in the name of SDB, and the new PAB will assume all legal responsibilities and obligations arising from relevant businesses and business activities conducted in the name of SDB or PAB.
Renaming of the Bank will not exert any impact on the rights enjoyed and the liabilities assumed by the Bank and its customers. Cards, certificates, bankbooks, etc. of SDB and the old PAB held by customers will continue to be valid. Account numbers will remain unchanged and contracts already signed will continue to be valid, too. Relevant creditor’s rights and liabilities will be assumed by the new PAB. The official website of the Bank has been changed to www.bank.pingan.com.
Bank leverages PAG’s brand advantages to try to develop faster
Brand name, as an important way of publicity after 2-bank integration, has long drawn widespread attention from the market. To decide its new name, the Bank engaged an internationally renowned third-party professional brand research and consultation company to do surveys over customers of all types in many cities, and analyze the results with scientific tools and methodology. The survey results show that PAB wins more acceptances from customers; and public awareness of the brand SDB is better in Southern China than in Northern China. As the PA brand is widely known across the country, renaming as PAB will be more beneficial to business expansion across the country. More importantly, renaming as PAB can leverage the advantages of its parent company PAG in respect of brand, customers, channels, products and services to push business development and market expansion, and make the new bank stand in a more favorable position for cross-selling and providing of integrated finance products and services.
In 2012, the Bank’s renaming proposal was passed by a clear majority at two banks’ Shareholders’ Meetings. PAG said that the name of the new bank is not only a trademark and brand symbol but also an event of great significance during the SDB/PAB integration. PAB, as an important member of PAG family, will further perfect PAG’s integrated finance structure. In the future, with further development of banking business, PAG will continuously strengthen the synergy with the Bank from such aspects as capital, customer resources, channel, IOC and brand and be devoted to exploring a successful path for the integrated business operations of China’ finance industry and providing more professional, convenient, fast, diversified, full-around and one-stop integrated finance services for customers.
The Bank said that with the renaming of the Bank, the widely-concerned 2-bank integration has achieved phased success. With further publicity of renaming and brand, PAB will embrace a brand-new development stage and provide more diversified products and quality services for old and new customers. In the future, the Bank will focus on business development. In terms of corporate business, the new bank will boost Trade Finance business, an edge business of SDB, vigorously acquire upstream/downstream enterprises in the supply chain, and greatly promote cross-selling. As to retail business, it will establish a synergic consumer business operation platform and orderly implement the comprehensive business operation strategy of “one customer, one account, multiple products and one-step service”. The Bank will also take advantage of about 70mn retail customers, over 200mn corporate customers and 0.5mn sales force of PAG to achieve rapid, healthy and sustainable business development, thus creating more value for customers, shareholders and the society.
Ping An Bank Co., Ltd. is a national joint stock commercial bank headquartered in Shenzhen. Its stock name and stock code at the Shenzhen Stock Exchange are “PAB” and “000001” respectively. Its predecessor is Shenzhen Development Bank Co., Ltd. (It merged the old PAB through absorption in June 2012 and was renamed as PAB on July 27th, 2012). As of March 31st, 2012, it boasted total asset of RMB1.37 trillion and provided diversified financial services for corporate, retail and government customers through its 402 outlets in 27 cities across the country (The data is as of end of June 2012). At present, Ping An Insurance (Group) Company of China Limited and its related subsidiaries hold 2.684bn shares of PAB in total, accounting for about 52.38% of the total shares of PAB.