Shanxi province will form an asset management company to handle the non-performing assets of local financial institutions, 21st Century Business Herald reported Wednesday, citing Guo Baomin, a senior official of the provincial financial authority. Also, the government will speed up restructuring of rural credit cooperatives into rural commercial banks. It will foster five regional commercial banks with assets worth more than 50 billion yuan and two rural banks with assets of 100 billion yuan, the report said. Jinshang Bank, a provincial-level state-owned lender, is expected to have 300 billion yuan (US$49.21 billion) worth of assets in two years.
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