SDB formally renamed PAB -Banking units under PAG’s integrated finance platform launched
Shenzhen Development Bank (with the stock name of SDB and the stock code of 000001 at the Shenzhen Stock Exchange) announced to the Shenzhen Stock Exchange today that upon approval from the China Banking Regulatory Commission and verification by the Administration for Industry and Commerce, Shenzhen Development Bank Co., Ltd. ("SDB") has 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"), effective July 27th, 2012. Upon approval by the SZSE, the stock name of SDB will change to "PAB", with the stock code of 000001 remaining unchanged, effective August 2nd, 2012. The renaming of the Bank is an event of milestone significance in the process of the integration of the two banks, marking the fact that the banking business under Ping An Group ("PAG"), an integrated finance pilot group, will enter the fast lane.
No impact on customers
So far, SDB headquarters has completed the relevant procedures for the change in name, obtained a new Corporate Business License, and has started to use the new official seals. Work related to change of business licenses and the official seals of the branches/outlets of the Bank are underway. The business seals, vouchers and signage of the branches and outlets will be changed at a later date. At this stage, the branches/outlets and business units under SDB will continue to conduct business, sign contracts or engage in other business activities under 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.
The renaming of the Bank will not create any impacts on the rights enjoyed and the liabilities assumed by the Bank and its customers. Cards, certificates, bankbooks, etc. held by customers of SDB and the old PAB will continue to be valid. Account numbers will remain unchanged and contracts already signed will also continue to be valid. The relevant creditors' 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 to leverage PAG's brand advantage to develop more rapidly
The Bank's brand name, an important component of publicity after the integration of the two banks, has long drawn widespread attention from the market. To decide on its new name, the Bank engaged an internationally renowned third-party professional brand research and consultation company to conduct surveys that gauge customers of all types in a number of cities and to analyze the results with scientific tools and methodologies. The survey results show that PAB would gain the greatest degree of acceptance from customers, and that public awareness of the SDB brand is better in southern China than in northern China. As the Ping An brand is well known nationwide, renaming the Bank "PAB" will be more beneficial to the Bank's nationwide business expansion. More importantly, renaming the Bank PAB allows the Bank to leverage the advantages of its parent company PAG in respect of its brand, customers, channels, products and services to push business development and market expansion, and will give the new bank a more favorable position for the cross-selling and provision of integrated finance products and services.
In 2012, the Bank's proposal to rename itself was passed by a clear majority at a Shareholders' Meeting for the two banks. PAG said that the name of the new bank is not only a trademark and brand symbol but also an event of great significance in the integration of SDB/PAB. PAB, as an important member of PAG family, will further refine PAG's integrated finance structure. In the future, with the further development of the banking business, PAG will continue to strengthen its synergy with the Bank with regard to capital, customer resources, channels, IOC and brand, and to be devoted to exploring a successful path for the integrated business operations of China's finance industry and providing more professional, convenient, fast, diversified, full-around and one-stop integrated finance services for customers.
The Bank stated that with the renaming of the Bank, concerns about the integration of the two banks has successfully reached yet another phase. With further publicity as a result of the renaming of the Bank, PAB will enter a new stage of development and will provide more diversified products and quality services for both existing and new customers. In the future, the Bank will focus on business development. In terms of the corporate business, the new bank will boost the Trade Finance business, an cutting-edge business of SDB; will be active in acquiring upstream/downstream enterprises in the supply chain; and will put great effort into promoting cross-selling. As for the retail business, the Bank will establish a synergistic consumer business operations platform and will implement its comprehensive business operation strategy of "one customer, one account, multiple products and one-step service" in an orderly manner. The Bank will also take advantage of approximately 70 million retail customers, more than 200 million corporate customers and a 500,000 strong sales force at PAG to achieve rapid, healthy and sustainable business development, thus creating more value for customers, shareholders and society.
