Off the wire
• Shanxi halts coal mine approvals  • Bale can't imagine leaving Real Madrid  • Indian Foreign Minister to visit China  • Kenya's Kirui eyes Boston marathon as launch pad for Beijing World Championship  • Ghanaian president praises Black Stars over South Africa win  • 1st LD: Russian FM urges Kiev to keep neutral status  • Emergence of "mainland bridegrooms" result of cross-Strait love  • Urgent: Anti-tank missile fired at Israeli military vehicle in northern Israel  • Xinhua Asia-Pacific news summary at 0600 GMT, Jan. 28  • Thailand expresses concerns over U.S. remarks on political situation  
You are here: 　 Home

China'second private bank approved

Xinhua, January 28, 2015 Adjust font size:

China's banking regulator has approved the opening of a second private bank to help finance cash-starved smaller borrowers.

The Shanghai Huarui Bank Co., Ltd., set up in the China (Shanghai) Pilot Free Trade Zone, was given the nod on Tuesday by the Shanghai Banking Regulatory Commission, the commission announced on Wednesday.

Its opening, likely to come within six months after it secures a license and business registration from local banking and business regulators, will follow the establishment of WeBank in Shenzhen early this month.

With a registered capitalization of three billion yuan (490 million U.S. dollars), the private bank will take deposits, grant loans, handle settlements and other services.

Small, privately-owned companies have long struggled to get loans from state-dominated banks. To give smaller borrowers more access to financing, the country's banking regulator granted licenses to five privately-owned lenders last year. Endi