China's 18th Private Bank to Form in Jiangxi Province
Dou Shicong
DATE:  May 24 2019
/ SOURCE:  yicai
China's 18th Private Bank to Form in Jiangxi Province China's 18th Private Bank to Form in Jiangxi Province

(Yicai Global) May 23 -- China's Banking and Insurance Regulatory Commission has approved the groundwork for the formation of the Jiangxi Yumin Bank, the first private bank in southeastern Jiangxi province and the country's 18th, Jiangxi Daily reported today.

With a registered capital of CNY2 billion (USD289 million), the bank was initiated by several private firms. Locally-based farming and livestock company Zhengbang Group and new energy manufacturer B-Energy Group hold 30 percent and 29.5 percent of shares, respectively.

China's first private bank formed in 2014 and that number has since risen to 17.

The country's regulators have not green-lighted the founding of any private banks over the past two and a half years since Meizhou Hakka Bank in Guangdong province got the nod at the end of 2016, 21st Century Business Herald reported.

"Private bank approval is restarting now because the China Banking Regulatory Commission has been busy merging with the China Insurance Regulatory Commission over the past years and China must boost the private economy against the current backdrop," Yang Yun, executive director of Shenzhen-based industrial research institute Askci Consulting, explained.

Editor: Ben Armour

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Keywords:   Jiangxi,Private Bank,CBIRC