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First village bank opens doors for business

SHANGHAI'S first village bank opened for business in Chongming Island today as the banking industry sets out to tap the rural economy.

The Chongming Changjiang Rural Bank was set up by the Shanghai Rural Commercial Bank and five other corporate investors with a registered capital of 100 million yuan (US$14.63 million).

Shanghai Rural Commercial Bank has a 51 percent stake in the village bank while the other five corporate investors from Chongming make up the remainder.

The village bank today signed deals with four entities in Chongming.

The Shanghai bureau of the China Banking Regulatory Commission gave the go-ahead for the Chongming village bank on January 22.

Shanghai Rural has been preparing for the opening of the village bank for two months.

"Chongming's economy has a huge growth potential when the cross-river bridge and tunnel open to boost the local economy," said Li Xiulun, chairman of Shanghai Rural Commercial Bank, today. "Stepping into the village bank sector is part of our bank's innovation and focus on rural and small businesses."

The village bank aims for deposits worth 300 million yuan this year and loans worth 200 million yuan, said Wang Yang, chairman of the Chongming village bank.

The village bank is more flexible in issuing loans with a issuance period of five days for small businesses and three days for rural entities.


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