Date
23 August 2017

First private banks to be named soon, paper says

A list of the first batch of firms selected for a private-capital bank pilot scheme has been submitted to the central government for approval, the China Securities Journal reported Tuesday, citing unnamed sources close to the relevant authorities. The sources predicted the bank licenses could be handed out late this month or early next year. So far this year, 35 firms with the word “bank” as part of their company name have registered with the State Administration for Industry and Commerce. Private bank applicants must have between 500 million yuan (US$82.34 million) and 1 billion yuan in registered capital, the report said.

– Contact HKEJ at [email protected]

EL/AC/SK

 

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