Date
24 October 2017

Jiangho Group, eight others plan private bank, filing says

Jiangho Group (601886.CN), a Beijing-based construction material company, is planning to lead a group of investors to establish a private bank, it said in a regulatory filing Monday. The group includes listed firms Lancy Co. Ltd (002612.CN) and Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (002271.CN). The proposed private bank, which will be based in Beijing, will have a registered capital of 2 billion yuan (US$325.5 million), the filing said. Jiangho will take a 35 percent stake, Lancy will hold 15 percent and Beijing Oriental 10 percent. The remainder will split among six shareholders, it said.

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