Date
20 August 2017

67 name applications for private banks approved, paper says

The State Administration for Industry and Commerce approved 67 name applications for privately funded banks in 2013, indicating strong interest from private business to enter the banking sector, the Securities Times reported Friday. Of the approved applications, at least 30 listed companies from 12 industries have expressed interest to seek private bank licenses, according to financial information provider WIND. The high net profit margin of banks is a major attraction for the private sector, analyst Mu Hua from Guangfa Securities Co. Ltd. (000776.CN) was quoted as saying. The combined net profit of 16 listed banks in the first three quarters of 2013 accounted for 53.42 percent of all the earnings of listed firms, the report said.

– Contact HKEJ at [email protected]

EL/AC/CG

 

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