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Two more private banks given go-ahead
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China's Banking Regulatory Commission approved the establishment of two private banks, including one backed by Alibaba Small and Micro Financial Services Group.
The CBRC gave green light to Zhejiang Internet Commercial Banking Co and Shanghai Huarui Banking Co to prepare for opening, according to a statement on its official website today.
Two months ago, the commission approved the first batch of three private banks as the country encouraged private financial services.
Preparation for the launch of these private banks should be completed within six months, the CBRC added.
Alibaba Small and Micro Financial Services Group, the operator of the popular third-party payment service Alipay, is the main sponsor of Zhejiang-based Internet Commercial Banking Co Ltd with a 30 percent stake, while Fosun Industrial Technology Development Co, a unit of Shanghai-based conglomerate Fosun Group, will hold a 25 percent stake.
Shanghai Huarui Banking Co will have two major shareholders, Shanghai Juneyao Group and Metersbonwe Group, each holding a 30 percent and 15 percent stake respectively.
Alibaba Small and Micro Financial Services Group said in a statement today that it will focus on serving grass-root consumers and online vendors with small loans of less than 5 million yuan and it will leverage its data mining and cloud computing capabilities.
A total of five banks were chosen to take part in the trial program, the CBRC said earlier in March.
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