23 October 2018

Minsheng Banking to launch online direct-sales unit, paper says

China Minsheng Banking Corp. (600016.CN; 01988.HK) is planning to launch an online direct-sales bank on Feb. 28 in its latest efforts to expand its internet finance business, the China Securities Journal reported Thursday, citing an unnamed source. The lender will initially offer two major products through the online bank: Ruyibao, a monetary market fund similar to Alibaba’s Yu’E Bao, and Suixincun, a deposit value-added product, the report said.

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