CBRC approves establishment of two more private banks

BEIJING, Dec. 23 (Xinhua) -- China Banking Regulatory Commission (CBRC) has approved applications for the establishment of two more private banks, according to recent announcements by a dozen listed companies which filed the applications.

E-commerce giant Suning Commerce Group Co., Ltd. (002024.SZ) announced on Dec. 21 that it has won the green light to start preparatory work for setting up a Jiangsu Suning Bank Co., Ltd. Meanwhile, another 11 listed companies including Yongyou Network Technology Co., Ltd. (600588.SH) and Country Garden (02007.HK) announced the same day that they have been approved to establish a Beijing Zhongguancun Bank Co., Ltd.

With a planned registered capital of 4 billion yuan (about 575.76 million U.S. dollars), the Jiangsu Suning Bank will be set up in Nanjing, capital of east China’s Jiangsu province. As two main investors in the bank, Suning Commerce Group Co., Ltd. will subscribe to 30 percent of the bank’s capital stock, while Jiangsu Sunrain Solar Energy Co., Ltd. will take a 23.6 percent stake.

The bank will focus on Internet banking and will mainly provide inclusive financial services to individual clients as well as small and midsize enterprises.     

The other bank, namely Beijing Zhongguancun Bank, will also have a registered capital of 4 billion yuan. Among its 11 sponsors, Yongyou Network Technology will invest about 1.19 billion yuan (about 171.52 million U.S. dollars) to take a 29.80 percent stake, while Country Garden will invest 1.08 billion yuan (about 155.41 million U.S. dollars) to have 27 percent interest.

The Beijing-based bank will mainly provide midsize, small and micro technological innovation businesses and individuals with financial services featuring mobile Internet, big data, cloud computing, and artificial intelligence.

The CBRC required the two banks to complete preparatory work for establishment within six months from the date of approval.

Earlier, CBRC gave approval for the establishment of six private banks in different provinces and municipalities including Hunan, Chongqing, Sichuan, Anhui, Fujian and Wuhan.  Enditem (Edited by Ma Xin,maxin11@xinhua.org)