[Shenzhen, China] 18:00 June 14, 2012
Shenzhen Development Bank (“SDB”, stock code 000001 with SZSE) today submitted an announcement against Shenzhen Stock Exchange that all legal procedures of the merger have all been completed, and SDB and PAB have now been merged into one bank.
After the merger, the assets, liabilities, licenses, permissions, businesses and employees of former PAB will be legally carried on by SDB, and all the rights and obligations attached to its assets will legally be enjoyed/assumed by SDB. As it takes some time to complete business and system integration, in current stage both banks will still conduct business, sign contracts or get engaged in other business operation activities in the name of “SDB” or “PAB”, and any legal liabilities and obligations arising from all business transactions and operation activities conducted in the name of PAB would be borne by SDB.
SDB Shareholders Meeting has approved the merged bank will be renamed as “PingAn Bank Co., Ltd.” subject to the approval from relevant AIC authorities and banking regulatory authorities. For following stage renaming and other relevant issues, the Bank will make announcement in line with applicable laws and regulations.
Please log on the official website of SDB www.sdb.com.cn or www.cninfo.com.cn to check the announcement in full text. Please log on the official website of SDB www.sdb.com.cn or former PAB website www.bank.pingan.com to check this news release.
Customer experience oriented, business integration first
SDB pointed out that, as the integration is unprecedented project in Chinese financial sector, the Bank pays great attention to customer experiences during the integration. Upon the merger, most businesses of the two banks have been interconnected, products/services aligned, featured offerings of the two banks shared, so that customers can enjoy more convenient and diversified products and services. The integration is very effective and successfully, and the Bank hereby gives special thanks to all customers for their understanding and supports during the integration, to all levels of government authorities and regulators for their supports and guidance, as well as all bank staff for their unremitting efforts and hardworking.
Reportedly, to offer better financial service experiences to customers, most products/service between both banks are inter-connected. Individual customers may bring their bank cards to handle cash deposit/withdrawal, account transfers and remittances, as well as financial transactions at any outlet of each bank, and they may also bring their bank card or bankbook to handle online banking contract signing, password report loss and other non-financial transactions at any outlet of overlap branches of the two banks (SZ, GZ, SH and HZ).
The merged bank has realized alignment in all products, services, pricing, customer tiering standard and customer benefits. Also aligned are credit cards of former two banks in respect of product, service, pricing, service channel, accounting processing and credit limits. Customers now have their information managed in integrated manner, and AUM calculated on consolidated basis, and enjoy high-end and good quality services on the basis of consolidated AUM level. In respect of service channels, the official websites of former two banks can both be accessed, and the website and phone banking channel of the merged bank will be soon launched after completion of relevant renaming procedures.
Going forward, for any other business changes, the Bank will notify customers properly in time in the form of announcements, official letters, short messages, emails or customer calls.
Keep the standing of a listed bank, focus on bank business development
As the first bank listed in SZSE, the Bank expressed that the merged bank will continue its listed bank standing with SZSE, and hence no impacts on the capital market and shareholders.
The Bank also says, as the merger, a staged task, has now drawn to a close, next the Bank will quickly complete renaming and system integration. Going forward the Bank will focus its efforts on business growth. In respect of corporate business, the merged bank will lay its emphasis on trade finance business where SDB is quite competitive among other banks, expand business relationship to upstream and downstream enterprises of supply chain finance customers, and forcefully push ahead with cross selling; and in respect of retail business, the merged bank will build a platform to deliver synergy under greater retail line, and systematically put into practice the integrated finance strategy of “one customer, one account, multiple products”. Meantime, The Bank will fully leverage 70mn individual customers, 2+mn corporate customers and nearly 500,000 sales agents of PAG to ultimately put “best bank strategy” into reality.
The merged bank will build a well-organized product system, broader outlet network and better and more convenient services to its mass customer base via 402 outlets distributed in 27 cities (data as of early June 2012)
SDB is the first joint-stock firm listed on the Shenzhen Stock Exchange (000001 SZSE). As a national bank headquartered in Shenzhen, its total assets reached RMB 1.37trillion as of Mar 31, 2012. Through 402 outlets in 27 cities nationwide, the Bank provides diversified financial service to its corporate, retail and public sector customers. Currently, Ping An Insurance (Group) Company of China, Ltd. and its related subsidiaries hold 2.684 billion shares of SDB, accounting for around 52.38% of SDB total equity.