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Bank of Shanghai invests into consumer finance

BANK of Shanghai said that it will set up a consumer finance joint venture with registered capital at 1 billion yuan (US$144.6 million), according to its announcement filed to Shanghai Stock Exchange today.

The joint venture, Shanghai Shangcheng Consumer Finance Corp, will be set up with other three shareholders including Shanghai-based travel giant Ctrip International, a Shenzhen-based investment company and a Wuxi-based technology firm, the announcement said.

Bank of Shanghai will hold 38 percent of the joint venture's share based on its capital contribution.

Industrial Bank Co and Bank of Beijing have also set up their consumer finance bodies, according to earlier reports.

The lender, the latest listed on China’s mainland, staged a strong debut on November 16, after it raised 10.7 billion yuan in its initial public offering. Lender's IPO float was the biggest among Shanghai's stock market this year so far.


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