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China to boost development of private banks

Xinhua, January 23, 2015 Adjust font size:

China's banking regulator promised continued support for private banks this year as they revealed their policy direction on Friday.

"Based on the previous trials, we will actively and steadily push forward the development of private banks," said Wang Zhaoxing, vice chairman of the China Banking Regulatory Commission (CBRC).

"Meanwhile, we will establish a prudent supervision mechanism for risk control and corporate management targeting private banks in order to ensure growth on a healthy path," Wang said at a policy briefing meeting held by the State Council Information Office.

The CBRC approved the establishment of five private banks in the third quarter of 2014, including Shenzhen-based Webank and Hangzhou-based MYbank in a bid to better support the country's small and micro-businesses.

Webank, which was partly funded by Chinese Internet giant Tencent and had a registered capital of 3 billion yuan, was the first among them to start actual operation late last year.

Previously, China had only one private bank in service, China Minsheng Bank, which was founded in 1996 in Beijing. Listed in both Shanghai and Hong Kong, Minsheng is the country's first national bank founded by private capital. Endi