23 July 2019

First Wenzhou private bank to lure 20 bln yuan, paper says

The first private bank set to open as part of a trial scheme in Wenzhou, Zhejiang province is expected to attract 20 billion yuan (US$3.22 billion) in total investment, the 21st Century Business Herald reported Tuesday, citing an unnamed person with knowledge of the matter. In addition, nearly 43 billion yuan has been invested in financial institutions since a financial reform zone was launched in the city two years ago, according to Zhu Zhongming, a senior member of the ruling party’s Wenzhou municipal committee. Financial platforms in the city are projected to lure back as much as 600 billion yuan in funds local firms had put into mining and housing, among other sectors, the report said.

– Contact HKEJ at [email protected]



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