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November 26, 2016

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Bank forms JV to service consumer finance

BANK of Shanghai has received the regulatory approval to set up a consumer finance joint venture with registered capital of 1 billion yuan (US$145 million), joining two other regional banks which have done so.

The Shanghai Shangcheng Consumer Finance Corp will be set up with other three shareholders — Shanghai-based Ctrip International, a Shenzhen-based investment company and a Wuxi-based technology firm, the lender said in a filing to the Shanghai Stock Exchange yesterday.

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

The lender, the latest bank to list on China’s mainland, debuted strongly on November 16, after it raised 10.7 billion yuan in its initial public offering. Its IPO was the biggest in Shanghai’s stock market so far this year.

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


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