China Banking Regulatory Commission (CBRC) has given the go-ahead to two companies to set up private banks in the country.
These include Chinese retailer Suning Commerce Group, which received approval to set up its bank in Nanjing, capital of Jiangsu.
Suning will own a 30% stake in the new Jiangsu Suning Bank, while Solareast will hold a 23.6% stake. The new bank will have a registered capital of RMB4bn ($576m).
The other new private bank will be set up in Beijing. Yonyou Network Technology will be the largest shareholder in the new Zhongguancun Bank, with a 29.8% stake.
The two banks will offer financial services, mainly to individual clients as well as micro, small and medium-sized enterprises.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData