The China Banking Regulatory Commission approved the establishment of Huatong Bank in Fujian's free trade zone, making it the first private bank there, Caixin reported Nov. 29.

The bank will have a registered capital of 2.4 billion yuan. Fujian-based supermarket operator Yonghui Superstores Co. Ltd., which committed 660 million yuan and owns 27.5% of the stakes in the bank, is the biggest shareholder among eight founders.

Chen Dekang, former vice president of Industrial Bank Co. Ltd., will become chairman of Huatong Bank, while Zheng Xinlin, former vice president of WeBank Co. Ltd., will become president of the private bank.

Chongqing Fumin Bank, Sichuan Hope Bank and Hunan Sanxiang Bank are in the process of setting up themselves after obtaining approvals from the banking regulator.

As of Nov. 29, US$1 was equivalent to 6.90 Chinese yuan.