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Chinese regulator approves opening of 2 privately run banks

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Chinese regulator approves opening of 2 privately run banks

The China Banking Regulatory Commission has approved the establishment of two privately run banks in Beijing and Nanjing, China, Xinhua News Agency reported Dec. 22.

Suning Commerce Group said it received approval from the regulator to set up a bank in Nanjing. The home appliance retailer will hold a 30% stake in the bank.

Shareholders of Zhongguancun Bank also said they received approval to establish a bank. Beijing Zhongguancun Bank will have registered capital of 4 billion yuan and will be set up by 11 listed companies in six months, the news agency reported.

The two banks will primarily cater to individual clients and micro, small and medium-sized enterprises.

As of Dec. 22, US$1 was equivalent to 6.95 Chinese yuan.