China approves 2 more private banks

September 29, 2014

Business, International

China approves 2 more private banks

China Banking Regulatory Commission

Xinhua

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.

About Dilemma X

Dilemma X, LLC provides research dedicated to the progression of economic development. Our services aid clients in enhancing overall production statistics. Please visit http://www.dilemma-x.com for more information

View all posts by Dilemma X

Subscribe

Subscribe to our RSS feed and social profiles to receive updates.

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: