CBRC revises rules for rural lenders
Print Edition
The Chinese banking regulator has revised the rules for the operation of rural financial institutions in order to step up supervision of small and medium-sized rural banks.
The draft document was published yesterday by the China Banking Regulatory Commission on the website of the Legislative Affairs Office of the State Council to solicit opinions, which should be submitted before November 9.
Overseas banks intending to invest in the Chinese mainland’s rural banks should first submit applications to the CBRC, which will adjust criteria for overseas investors based on the Chinese financial sector’s risk profile, the draft said.
It also lists conditions for setting up rural banks, stating that individual shareholders should not buy shares more than 2 percent of the rural bank’s capital stock. Shareholders who are employees of the bank should not buy shares over 20 percent of the bank’s capital stock.
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