Arab Today, arab today china approves 3 private banks
Last Updated : GMT 14:28:32
Arab Today, arab today
Arab Today, arab today

China approves 3 private banks

Arab Today, arab today

Arab Today, arab today China approves 3 private banks

Minsheng Bank
Shanghai - AFP

China has approved the setting up of three private banks, including one by Internet giant Tencent, the industry regulator said Friday, in a long-awaited economic reform aimed at bringing competition to state banking giants.
Previously, China had just two privately-owned banks, Minsheng Bank and Ping An Bank, according to state media.
The China Banking Regulatory Commission (CBRC) said it had approved private banks in the southern boomtown of Shenzhen, the northern port city of Tianjin and the eastern city of Wenzhou, which is known as the cradle of private enterprise in China.
The move followed a declaration by the government in March that it would reform China's banking sector, which is dominated by four state-owned banks -- though all of them have minority shares listed on the stock market.
"The target is to provide efficient and diversified financial services to support the development of the real economy," CBRC chairman Shang Fulin was quoted as saying in a statement.
Tencent, parent of China's most popular messaging app WeChat, said it would take a leading role in the establishment of a new bank in Shenzhen, where it is also headquartered.
"Our English name is 'Webank', 'We' stands for group innovation spirit," Tencent said in a separate statement.
Two local investment firms, Shenzhen Baiyeyuan Investment Co. and Shenzhen Liye Group, will also fund the new bank along with Tencent, the CBRC said, adding the new lender will be tailored for retail customers and small firms.
But Tencent's rival Internet giant Alibaba apparently lost out in the race to be among the first to open new private banks.
The e-commerce firm, which is preparing for a multi-billion dollar share offer in the United States, earlier said its micro-finance unit was applying for a banking licence, but it was not among the initial approvals.
Chint Group, an electrical equipment producer, and Huafon Group -- whose business ranges from new materials to finance -- will sponsor the Wenzhou bank, which will serve local companies.
Two diversified companies, Maigou Group and Huabei Group, will set up the third bank in Tianjin with a focus on corporate banking.
Maigou operates in commercial property, retail and finance. Huabei is engaged in electrical cable production, property, finance and logistics.
State media also reported in March that Shanghai-based conglomerate Fosun had also submitted a plan to set up a private bank.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china approves 3 private banks Arab Today, arab today china approves 3 private banks

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china approves 3 private banks Arab Today, arab today china approves 3 private banks

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday