| Chinanews, Tianjin, Apr. 25 – As approved by the China Banking1 Regulatory Commission, Tianjin City Commercial Bank changed its name to Tianjin Bank on Tuesday, and would also expand its business outside Tianjin.
Tianjin City Commercial Bank, established on November 17, 1996, was one of the biggest city commercial banks in China. It has developed to include one branch, 69 subbranches, and 181 business outlets2, with employees totalling nearly 4,000. On February 13, 2007, the bank was renamed Tianjin Bank after winning approval by the China Banking Regulatory Commission (CBRC). CBRC also allows it to develop from a local bank into a regional bank.
In 2006, Tianjin Bank set up its first branch in the Binhai Area. This is the second branch bank opened by a city commercial bank and located in the same city as the parent bank. In the same year, Tianjin Bank sold 20% of its stocks to ANZ, an Australian Financial Institution, making it become a bank that sold the largest portion of its shares to a foreign company. In 2006, Tianjin Bank was ranked by the British Banker magazine as the 672nd largest bank in the world.
As its business develops, Tianjin Bank has now become one of the few city commercial banks in China that can set up branch offices in other provinces. The bank also plans to open a branch office in Beijing and will choose an appropriate time to go public in the securities market.
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