China鈥檚 regulator gives nod for the setting up of 3 private banks
Print Edition
CHINA yesterday cleared the way for the setting up of three more private banks in a major boost to private financial services.
Shang Fulin, chairman of the China Banking Regulatory Commission, made the announcement at a conference yesterday, according to a statement on the commission’s official website.
The three private banks are Shenzhen Qianhai WeBank, Wenzhou Civil Commercial Bank and Tianjin Jincheng Bank. The banks got the official nod from CBRC sometime in mid and late July.
Tencent, China’s largest Internet company in terms of market value, holds a 30 percent stake in Shenzhen Qianhai WeBank.
The company said in an e-mail statement yesterday that it will deepen collaboration with other financial institutions based on Tencent’s Internet capabilities and technologies to serve small and micro enterprises and individual consumers.
Wenzhou Civil Commercial Bank will focus on small and micro businesses, entrepreneurs and local residents, while Tianjin Jincheng Bank will target corporate businesses, according to the CBRC.
The preparatory work for the three banks will be carried out as per the existing commercial banking regulations and legal framework, the CBRC said.
Initially, five banks were to take part in the trial program, but the other two banks, one founded by Shanghai-based private-owned conglomerate Fosun Group and the other by e-commerce giant Alibaba Group, did not file their applications in time.
“We’re looking into various kinds of situations and possibilities, and we hope to better serve the economy through innovative business models,” Alibaba Small and Micro Financial Services Group said in a statement yesterday, without providing further details.
CBRC added that it will provide the three new banks with guidance, including the setting up of the framework for governance and charter as well as recruiting directors and senior executives.
It will also help the other two banks in their trial program to complete its preparatory work and operation scheme.
From the experience, the CBRC will encourage more private capital to enter the state-dominated banking sector.
Prior to this approval, China Minsheng Banking Corp was the first bank which had private shareholders holding a controlling stake in the lender.
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