Qilu Bank Co., Ltd. () is a city commercial bank in mainland China, formed through the merger of Shandong Provincial Commercial Bank and Jinan City Commercial Bank. The head office is located in Jinan, Shandong, with branches established in all 16 prefecture-level cities within the province and outside the province in Beijing, Tianjin, Zhengzhou, Kaifeng (including Lankao County), Lianyungang, Xuzhou, Nanjing, and Shanghai.
Development history
Former Shandong Provincial Commercial Bank
In March 1995, with approval from the People's Government of Shandong, Shandong Provincial Commercial Bank was established, and began gradually setting up branches in all 17 prefecture-level cities across the province. On September 8, 2004, a strategic cooperation was successfully achieved with the Commonwealth Bank. On November 30, 2005, the first out-of-province branch, the Tianjin Branch, was opened.
Former Jinan City Commercial Bank
On June 6, 1996, Jinan Urban Cooperative Bank was established based on 16 urban credit cooperatives and 1 urban credit cooperative association in Jinan. On June 6, 1998, "Jinan Urban Cooperative Bank" was renamed as Jinan City Commercial bank. On March 19, 2008, the first non-local branch, the Liaocheng Branch, was opened.
Merger into Qilu Bank
On June 6, 2009, Shandong Provincial Commercial Bank and Jinan City Commercial Bank merged and were renamed as the current Qilu Bank.
Top 10 Shareholders As at June 2024, the top 10 shareholders of Qil] Bank and their shareholding status are: Shareholder NameNumber of SharesShareholding Ratio (%)Commonwealth Bank473,750,00020.00State-owned Assets Supervision and Administration Commission of Shandong Province422,500,00017.84Jigang Group117,000,0004.94Jinan Economic Development Investment Corporation115,313,9574.87Shandong Jianbang Investment Management106,000,0004.47Rizhao Steel Holding Group100,000,0004.22Shandong Sanqing Real Estate Co99,000,0004.18China National Heavy Duty Truck Group70,500,0002.98Zhongrun Futai Investment Co45,000,0001.90Luxin Group Co40,000,0001.69
Bill Fraud Case At the end of 2010, a bill fraud case occurred at Qilu Bank, involving an amount between RMB 1 billion and 1.5 billion. The main figure in the case, Liu Jiyuan, attracted large depositors to Qilu Bank by offering high interest rates. Then, the bank's business manager colluded with Liu Jiyuan to issue flawed certificates of deposit, which were used as collateral for loans. The cash obtained from the loans was then redeposited, creating a cycle that expanded the scale of deposits and loans.
PwC Zhong Tian raised questions in its audit regarding the legitimacy of RMB 4.8 billion in "pledged deposit" loans recorded in Qilu Bank's 2009 financial statements, as well as concerns about borrowers’ repayment capacity, and issued a qualified opinion. Qilu Bank subsequently replaced its auditor.
Due to the impact of the fraud case, Chairman Qiu Yunzhang and President Guo Tao of Qilu Bank were dismissed.
References