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China approves 3 private banks in effort to diversify financial services
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CHINA today approved three privately owned banks as the country steps up efforts to diversify financial services.
Shang Fulin, chairman of the China Banking Regulatory Commission, made the announcement at the commission's supervision and management work conference today, according to a statement on its website.
The three lenders are Shenzhen Qianhai WeBank, Wenzhou Civil Commercial Bank and Tianjin Jincheng Bank.
Tencent, China's biggest Internet company by market value, holds a 30 percent stake in Shenzhen Qianhai WeBank.
The preparation work of the three banks was carried out in strict accordance with existing commercial banking regulations, the CBRC said.
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