China approves 2 more private banks

September 29, 2014

Business, International

China approves 2 more private banks

China Banking Regulatory Commission


BEIJING- The China Banking Regulatory Commission (CBRC), the country’s banking regulator, said Monday in two statements that it has approved another two private banks, with one in Shanghai and the other in Zhejiang Province.

On July 25, the CBRC approved the establishment of three private banks, including Webank, funded by Chinese Internet giant Tencent.

The two new private banks don’t have official English names yet. The CBRC requires them to be established within 6 months from Monday.

A 30-percent stake of the Zhejiang-based bank will be funded by a micro-business financing company indirectly controlled by Alibaba Group, another Chinese Internet giant.

The Shanghai-based conglomerate Fosun Group will contribute 25 percent of funding, and China’s largest auto parts supplier, Wanxiang Group, will hold an 18-percent stake in the new private bank.

The new Shanghai-based private bank will have 30 percent of its funding from Juneyao Group, another Shanghai-based conglomerate, and 15 percent of its funding will come from Metersbonwe Group, a leading casual wear apparel company in China.

Currently, China has only one private bank in service, China Minsheng Bank, which was founded in 1996 in Beijing. Minsheng, listed in both Shanghai and Hong Kong, is the country’s first national bank founded by private capital.

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