Summary of Proposed Investment
Project Number
7160
Company Name
Bank of Shanghai Co., Ltd.
Date SPI Disclosed
May 10, 1999
Country
China
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 24, 1999
Signed : Sep 9, 1999
Invested : Dec 22, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name: | China - Bank of Shanghai |
Region:East Asia and Pacific
Sector:
Project No:007160
Projected Board Date:June 10th, 1999
Company Name:Bank of Shanghai
Technical Partner and/or Major Shareholders
The shareholders of BOS consist of (i) the Municipal Government and District Governments of Shanghai Municipality; (ii) large state-owned enterprises in Shanghai; (iii) collective and private enterprises; and (iv) individuals, including employees of BOS.
Project Cost Including proposed IFC investment
The proposed IFC investment is estimated to be about US$20 million, representing an equity stake in BOS.
Location of project and Description of site
Shanghai, China
Description of Company and Purpose of Project
(include IFC’s Role and Development Impact)
Established in December 1995 through a merger of 99 existing urban credit cooperatives, BOS is a full-service commercial bank operating in Shanghai City. Its principal operational mandate is to support the non-state sector of Shanghai, namely, small and medium-sized enterprises which are collectively and privately owned.
IFC has been playing, and is expected to continue to play, an important role in this project. The primary objective of IFC''s involvement with BOS is to assist BOS in its transformation into a well-managed modern commercial bank for emulation by other banks in China. IFC has since 1995 been implementing a long-term, comprehensive technical assistance program with BOS in the form of a "bank twinning" arrangement. The program has been funded by the EC and Japan Trust Funds, and the foreign technical partner is ABN AMRO.
This project entails a strong development Impact. Through supporting BOS, IFC will be assisting (i) the Chinese Government in its effort to introduce international banking standards and practices in China''s banking sector; and (ii) the development of the non-state and private sector in Shanghai.
Environmental Category and Issues
This is a Financial Intermediary (FI) Type 1 project according to IFC''s environmental review procedure. For relevant operations, BOS will be required to undertake an environmental review of eligible borrowers'' environmental performance and each sub-project''s compliance with the Chinese environmental, health and safety laws, regulations and standards. IFC will assess BOS’s capability to carry out environmental reviews. BOS will be required to submit to IFC an Annual Environmental Performance Report.
The is from the Public Information Center.
| Date SPI sent to PIC | May 10th 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
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