Mainland鈥檚 1st private bank services niche markets
Print Edition
THE first private bank on China’s mainland opened for business yesterday in Wenzhou, Zhejiang Province.
The Wenzhou Minshang Bank is targeting niche markets to offer financial services for small businesses, the self-employed, community residents, and county-level rural sectors.
The bank yesterday granted its first loan of 300,000 yuan (US$48,300) to Jiangda Electronic Co, a small electronics and aluminum foil producer.
The export-oriented company often lacks capital, said Ma Ziguang, the general manager.
“The bank’s loan service is swift and handy and easy to apply,” he said.
The bank’s main sponsors are electronic equipment producer Chint Group, industrial chemical maker Huafon Group as well as 11 other large shareholders which include industrial firms, clothing manufacturers, real estate and high-tech firms.
It is among the first three private banks approved by the China Banking Regulatory Commission in July.
The CBRC’s approval, including two that are preparing to open — Shanghai Huarui Bank and Shenzhen-based Webank, which was partly funded by Chinese Internet giant Tencent — is seen as an “ice-breaking” reform in the dismantling of the monopoly of state-owned banks.
According to the CBRC’s Wenzhou branch, the government set a very high “threshold” for approving private banks, taking into account shareholders’ competitiveness, brand image and credit rating.
All the shareholders are leaders in their respective fields and have corporate assets worth tens of billions of yuan, it said.
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