Date
18 October 2017

Govt to issue first private bank licenses soon, paper says

China is expected to approve licenses for up to five privately owned banks anytime soon, China Securities Journal reported Wednesday, citing unnamed sources. The first batch of private lenders are likely to come from Shanghai, Beijing and Tianjin and from Guangdong and Zhejiang provinces. They may include banking units of Alibaba Group and those backed by companies in the Zhongguancun High-Tech Park and Shenzhen’s Qianhai area, the report said. The licenses may be issued around the National People’s Congress and the Chinese People’s Political Consultative Conference scheduled to be held next month, it said.

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TL/AC/RA

 

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