The China banking regulatory commission (CBRC) has granted e-commerce giant Alibaba approval to set up a private bank as it diversifies into financial services.
Alibaba, through its subsidiary Zhejiang Ant Small and Micro Financial Services Group Co, will hold 30% of share capital of the new bank to be established in the eastern province of Zhejiang.
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Other major shareholders in the newly approved bank include units of privately-owned conglomerate Fosun with 25%, auto parts maker Wanxiang Group with 18% and investment firm Yintai with 16%.
The approvals followed a declaration by the government in March that it would reform the banking sector, which is dominated by four state-owned banks. China previously had only two private banks, Minsheng and Ping An.
On July 25, the CBRC approved the establishment of three private banks, including Webank, funded by Chinese Internet giant Tencent.
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By GlobalData
