China Approves Two More Banks to be Privately Funded

China Approves Two More Banks to be Privately FundedThe China Banking regulatory Commission released two statements yesterday that it has approved two more private banks, one in Zhejiang Province and the other in Shanghai. The country’s banking regulator said that approvals will herald in the country’s latest attempt in allowing new batches of private banks to be part of a pilot program that was launched earlier this year as a first step in opening the country’s closely guarded sector to private investment.

Last July the China Banking Regulatory Commission have approved the establishment of three private banks that is funded by the internet giant Tencent. Although the two new banks don’t have a name yet the commission is requiring them to be established in six months from today. A 30 percent stake of Zhejiang based bank is funded by another micro business financing company that is controlled by Alibaba.

Also 30 percent of the funding of the new Shanghai bank will come from Juneyao Group, a Shanghai based private company and 15 percent will come from Meterbonwe Group a leader in ready to wear apparel company in China. as of the moment the country only has one private banks in service which was founded on 1996 in Beijing namely the China Minsheng Bank.

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