Shanghai’s 1st private bank starts
Print Edition
SHANGHAI Huarui Bank, the city’s first private bank, has been approved to start operation as China gradually opens up the state-dominated banking industry.
The bank, registered in Shanghai’s free trade zone with a capital of 3 billion yuan (US$480 million), can conduct a full range of banking services including deposits, lending, bankcards, foreign exchange and bonds, the Shanghai office of the China Banking Regulatory Commission said in a statement yesterday.
The bank, allowed to operate its first outlet in the FTZ, will mainly serve small businesses in the zone as well as the public, according to the statement.
Shanghai-based JuneYao holds a 30 percent stake in the bank and Shanghai-based casual clothing company Metersbonwe takes 15 percent.
Investors are not allowed to hold over 30 percent in a private bank under the CBRC regulations.
Huarui Bank is considering opening a second outlet in the Lujiazui area, JuneYao Chairman Wang Junjin said on the sidelines of Shanghai’s political advisory meeting this week.
Huarui is the second private bank in China after Webank, an online bank initiated by Internet giant Tencent, was approved to start operation in December by the Shenzhen office of the CBRC.
Another three private banks have been allowed to start preparation and are waiting for approval to launch operation. The private banks are expected to serve smaller businesses that find it difficult get loans from large state-owned banks.
China is encouraging private capital to invest in state-denominated industries such as banking in order to build a competitive market.
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