Guangfa Bank is state-owned.

In 2006, China Guangfa Bank successfully completed the reform and reorganization work, introducing world-class foreign companies such as Citigroup and IBM Credit, as well as well-known domestic companies with strong strength such as China Life, State Grid, and CITIC Trust.

On March 1, 2016, China Life issued an announcement stating that the company had signed relevant acquisition agreements with Citigroup and IBM Credit, and planned to acquire the latter’s holdings of GF at a price of 6.39 yuan/share. The bank has 3.648 billion shares, with a total consideration of approximately 23.312 billion yuan. After the transaction is completed, the company will hold approximately 6.729 billion shares of Guangfa Bank, and its shareholding ratio will increase from 20% to 43.686%, becoming the single largest shareholder of Guangfa Bank. Most of Guangfa Bank's shares are in the hands of state-owned enterprises, and it is state-owned.

Extended information:

1. On April 8, 2011, with the approval of regulatory agencies and relevant government departments, the original registered name "Guangdong Development Bank Co., Ltd." was changed to " Guangfa Bank Co., Ltd., referred to as "Guangfa Bank"; its English name was changed to "China Guangfa Bank" ("China Guangfa Bank").

2. China Guangfa Bank has 15 first-level branches, 35 second-level branches and 6 direct sub-branches. It also has a Macau branch and a Hong Kong representative office, with more than 500 business outlets. It has established agency banking relationships with 917 banks in 83 countries and regions around the world, initially forming a pattern of urban large commercial banks. According to the ranking of the world's 1,000 largest banks by the British "Banker" magazine, Guangdong Development Bank has been selected into the top 500 global banks for four consecutive years.

3. Guangfa Credit Card has successively won the "Market Development Award", "Best Credit Card Growth Award", "China's Most Trusted by Consumers" issued by VISA, MasterCard and other international card organizations as well as domestic authoritative organizations. It has won dozens of honors including "Top Ten Bank Cards", "Top Ten Bank Card Innovative Brands Loved by Chinese Netizens" and other awards.

Reference materials: China Guangfa Bank - Baidu Encyclopedia