Minhang District's first 'rural bank' to open
Source: Shanghai Daily |
February 26, 2011, Saturday
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Print Edition
Print Edition
SHANGYIN Village & Town Bank, the first so-called "rural bank" in Minhang, will open on Monday with Bank of Shanghai as its major shareholder.
The creation of the bank was instigated by the Minhang District Government, whose Assets Investment & Management Co took a shareholding. Bank of Shanghai invested 102 million yuan and holds a 51 percent stake. Other shareholders include the Jiuxing Holding Group and Fengyun Industry Co.
The new bank listed registered capital of 200 million yuan (US$29.3 million), the largest registered capital among rural banks in Shanghai.
The bank's designation as a "rural bank" owes more to the area's past than its present. It is located in Xindu Road in Xinzhuang, about a 15-minute drive from the central business zone of Minhang and was once farmland as far as the eye could see.
Today, the area is booming with commercial construction. It is home to four major emerging industries: electronic information systems, large technical equipment, parts for eco-friendly cars and advanced industrial materials. Some small farms remain.
Shangyin Bank will cater to both individuals and businesses in the area. It will offer deposit and lending services as well as domestic trade settlements, bank-guaranteed time drafts and interbank transactions. The bank employs 13 staff.
The bank will be of service to people and businesses in the area because there is no other financial institution close at hand, said Hu Yonghao, governor of Shangyin Bank and deputy governor of the Minhang branch of the Bank of Shanghai.
The bank said part of its service will be to educate farmers and other households in the area about credit and debt risk management. Many individuals who live in Xinzhuang aren't savvy about modern financial services, Hu said.
Shangyin Bank is the Minhang government's first investment in a financial institution. Its asset investment arm contributed 20 million yuan to the new venture.
"All of the shareholders have large capital bases and abundant liquidity, and the structure of these shareholders provides solid support for this start-up bank," said Hu.
Shangyin said it initially will offer up to 20 million yuan in new loans.
Hu said the Bank of Shanghai already has operations in Minhang, specializing in loans to small business.
"The bank will provide support for Shangyin in matters of personnel, bank products and systems management and help it improve financial services with its strong risk management experience," he said.
Savings in Minhang district-wide totaled 140 billion yuan last year, and loans stood at 70 billion.
The creation of the bank was instigated by the Minhang District Government, whose Assets Investment & Management Co took a shareholding. Bank of Shanghai invested 102 million yuan and holds a 51 percent stake. Other shareholders include the Jiuxing Holding Group and Fengyun Industry Co.
The new bank listed registered capital of 200 million yuan (US$29.3 million), the largest registered capital among rural banks in Shanghai.
The bank's designation as a "rural bank" owes more to the area's past than its present. It is located in Xindu Road in Xinzhuang, about a 15-minute drive from the central business zone of Minhang and was once farmland as far as the eye could see.
Today, the area is booming with commercial construction. It is home to four major emerging industries: electronic information systems, large technical equipment, parts for eco-friendly cars and advanced industrial materials. Some small farms remain.
Shangyin Bank will cater to both individuals and businesses in the area. It will offer deposit and lending services as well as domestic trade settlements, bank-guaranteed time drafts and interbank transactions. The bank employs 13 staff.
The bank will be of service to people and businesses in the area because there is no other financial institution close at hand, said Hu Yonghao, governor of Shangyin Bank and deputy governor of the Minhang branch of the Bank of Shanghai.
The bank said part of its service will be to educate farmers and other households in the area about credit and debt risk management. Many individuals who live in Xinzhuang aren't savvy about modern financial services, Hu said.
Shangyin Bank is the Minhang government's first investment in a financial institution. Its asset investment arm contributed 20 million yuan to the new venture.
"All of the shareholders have large capital bases and abundant liquidity, and the structure of these shareholders provides solid support for this start-up bank," said Hu.
Shangyin said it initially will offer up to 20 million yuan in new loans.
Hu said the Bank of Shanghai already has operations in Minhang, specializing in loans to small business.
"The bank will provide support for Shangyin in matters of personnel, bank products and systems management and help it improve financial services with its strong risk management experience," he said.
Savings in Minhang district-wide totaled 140 billion yuan last year, and loans stood at 70 billion.
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