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HONG KONG, HongKong [HK]
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Shenzhen Development Bank now Ping An Bank

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Shenzhen Development Bank Co Ltd changed its name to Ping An Bank Co Ltd on Aug 1 after it merged with the bank belonging to Ping An Insurance (Group) Co of China Ltd.

The insurance group, together with its holding subsidiaries, has a 52.38 percent stake in Ping An Bank and is the controlling shareholder.

"The name change shall have no impact on the rights and obligations of our customers and the bank," said a statement on the new bank’s website.

"Cards, documents and certificates of deposit of the original Shenzhen Development Bank and the original Ping An Bank shall remain effective, account numbers shall remain unchanged and signed contracts are still effective."

Shenzhen Development Bank merged with Ping An Bank in June.

"After the merger, the bank saw significant improvements in asset size, outlet coverage and product mix, and is able to offer better and more comprehensive integrated products and services for its broad customer base," the statement said.

The total assets of Ping An Bank were 1.26 trillion yuan ($200.35 billion), with the loan balance at 620.6 billion yuan by the end of December 2011. The bank’s net profit was 10.28 billion yuan, and the non-performing loan ratio was 0.53 percent at the end of last year.

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