SHENZHEN Commercial Bank, a subsidiary of Ping An Insurance (Group) Company of China, Ltd., was renamed Shenzhen Ping An Bank on Tuesday, after merging with Ping An Bank, also a subsidiary of Ping An group.

The merger aims to realize “the group’s strategy of operation integration and brand unification for its banking business,” the company’s Web site said.

The head office of the former Ping An Bank in Shanghai and its Fuzhou branch yesterday became Shenzhen Ping An Bank Shanghai Branch and Fuzhou Branch respectively.

The integration was carried out through the general acquisition of all shares in Ping An Bank by Shenzhen Commercial Bank.

Established June 22, 1995, Shenzhen Commercial Bank was the first city commercial bank in China. In December 2006, Ping An group became its largest shareholder, with a stake of 89.4 percent. As of Dec. 31, 2006, the total assets of Shenzhen Commercial Bank were worth 81.725 billion yuan (US$10.8 billion).

Ping An Bank, originally known as Fujian Asia Bank, was established in Fuzhou in 1993. In December 2003 it was transferred to Ping An Trust and Investment Co. Ltd., a subsidiary of Ping An group, and Hong Kong and Shanghai Banking Corp. Ltd. by joint acquisition of 100 percent of its shares. At that time, it was renamed Ping An Bank.

(SD News)