Editing Bank of Shanghai (section)

==History==
The Bank of Shanghai was founded on December 29, 1995, as the Shanghai City Cooperative Bank, by the merger of 98 City Cooperative Credit Unions of Shanghai, together with the Joint Union of the Shanghai City Cooperative Credit Unions. The company resolved to change its name to the "Bank of Shanghai" in 1998, and regulatory registration of the new name was completed in 2000. Headquartered in Shanghai, China, it is a listed company on the main board of the Shanghai Stock Exchange with stock code 601229. In September 1999 and December 2001, Bank of Shanghai received equity investments from [[International Finance Corporation]] of the [[World Bank Group]], [[The Hong Kong and Shanghai Banking Corporation]] (HSBC) and The [[Shanghai Commercial Bank]] of [[Hong Kong]].{{citation needed|date=November 2016}} Prior to 1949, Shanghai was the main branch of HSBC, but its operations in mainland China had significantly scaled down in the 1950s. The Shanghai Commercial Bank was also based in Shanghai before the establishment of the People's Republic of China in 1949, but its mainland operations were nationalized in 1950.

On 11 December 2013, HSBC Hong Kong sold their 8.0% stake of the Bank of Shanghai to Spanish multinational banking group [[Banco Santander]] for an undisclosed fee (Santander announced that including the cooperation agreement, the total investment would be [[Euro|€]]470&nbsp;million), which HSBC HK listed the stake as an available-for-sale asset with a fair value of [[Hong Kong dollar|HK$]]3.629&nbsp;[[1,000,000,000|billion]] (approx. US$468&nbsp;million) in the balance sheet at 30 September 2013.<ref>{{cite web|url=http://www.hsbc.com/~/media/hsbc-com/investorrelationsassets/stockexchangeannouncements/2013/december/sea-131211-e-hsbc-to-sell-minority-stake-in-bank-of-shanghai.pdf|title=HSBC to sell minority stake in Bank of Shanghai|date=11 December 2013|access-date=11 November 2016|publisher=HSBC Holdings}}{{Dead link|date=October 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web|url=http://www.santander.com/csgs/Satellite?appID=santander.wc.CFWCSancomQP01&canal=CSCORP&cid=1278693889756&empr=CFWCSancomQP01&leng=en_GB&pagename=CFWCSancomQP01%2FGSNoticia%2FCFQP01_GSNoticiaDetalleMultimedia_PT18|title=Santander signs a cooperation agreement with Bank of Shanghai and buys an 8% stake|date=10 December 2013|access-date=11 November 2016|publisher=Banco Santander}}</ref> It was HSBC's successive disinvestment in the mainland China after selling [[Ping An Insurance]] in December 2012.

In 2016, the Bank of Shanghai applied the clearance for [[Initial public offering|IPO]]. Since June 2017, it was part of [[Shanghai Stock Exchange]]'s blue chip index: [[SSE 50 Index]].<ref>{{cite press release|url=http://www.sse.com.cn/market/sseindex/diclosure/c/c_20170531_4318582.shtml|script-title=zh:沪深300、上证50和中证500等指数2017年第一次定期调整样本股|date=31 May 2017|access-date=30 October 2017|publisher=Shanghai Stock Exchange|language=zh-cn}}</ref>