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CBRC allows 2 more private banks
Print Edition
THE China Banking Regulatory Commission yesterday approved two other private banks, including one mainly funded by a micro-business financing company owned by Alibaba Chairman Jack Ma and colleagues, to start preparations for their setup.
They are Zhejiang MYbank and Shanghai Huarui Banking Co, according to a statement on the CBRC website.
Alibaba Small and Micro Financial Services Group, the operator of the popular third-party payment service Alipay, will be the major sponsor of the Zhejiang-based bank with a 30 percent stake.
Fosun Industrial Technology Development Co, a unit of Shanghai-based privately-owned Fosun Group, will hold 25 percent, and China’s largest auto parts supplier, Wanxiang Group, will own 18 percent in MYbank.
Alibaba Small and Micro Financial Services said in an e-mail statement yesterday that MYbank will focus on serving grassroot consumers and online vendors, leveraging its data mining and cloud computing capabilities.
Yu Shengfa, vice president of the group, said the bank’s major business will be offering small loans of under 5 million yuan (US$812,000) and allowing customers to deposit no more than 200,000 yuan in their accounts. The bank is expected to provide online financial services for small and micro-sized firms and individual consumers on e-commerce platforms.
Shanghai Huarui Banking Co will have two major shareholders — Shanghai Juneyao Group holding 30 percent and casual wear maker Metersbonwe Group owning 15 percent.
The preparations for the launch of the private banks shall be completed within six months, and the preparatory period can be extended once for not more than three months, according to the CBRC.
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