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Private firms set to establish 5 test-case banks to be evaluated before applying
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THE 10 private enterprises set to establish five private banks will be reviewed for their eligibility before they can file a formal application, according to Shang Fulin, chairman of the China Banking Regulatory Commis-sion.
The first batch of participants include leading private firms in China like Internet giants Alibaba Group and Tencent Ltd, People’s Daily said on its website today.
They also include Shanghai-based conglomerates Fosun Group and JuneYao Group, and auto parts supplier Wanxiang Group.
The State Council has approved the CBRC’s trial program to set up five private banks. Each bank in the trial will have at least two originators. There’s a cap on the maximum stake that each shareholder can take in the private bank, Shang said in Beijing today, according to People’s Daily.
The regulator will do assessments for the first trial of private banks before allowing additional openings in the state-controlled banking sector.
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